[Tether's net profit for the third quarter reached $2.5 billion, with a year-to-date profit of $7.7 billion] According to Mars Finance, stablecoin issuer Tether reported on Thursday that the group's net profit for the third quarter was $2.5 billion, bringing the year-to-date profit to $7.7 billion, with its flagship cryptocurrency USDT's market capitalization nearing $120 billion.
Tether CEO Paolo Ardoino stated on the X platform that approximately $1.3 billion of the profit came from U.S. Treasury bond yields, and another $1.1 billion came from unrealized appreciation of the gold holdings in the company's reserves. Gold prices rose approximately 15% in the third quarter.
According to the latest quarterly proof signed by the accounting firm BDO Italy, as of September 30, the reserve assets disclosed by the company's stablecoin issuance departments Tether International Limited and Tether Limited amount to $125.5 billion, corresponding liabilities are $119.4 billion, and excess reserves exceed $6 billion.
The proof shows that approximately $105 billion of reserve assets are held in cash and cash equivalents, including $84.5 billion in U.S. Treasury bonds. The company's direct and indirect exposure to Treasury bonds, including money market funds and reverse repurchase agreements, exceeds $102 billion. The reserve assets also include $5 billion worth of gold and $4.8 billion in Bitcoin BTC.
Tether's investment department Tether Investments manages the company's expansion in the energy, mining, and artificial intelligence sectors, with a net asset value of $7.7 billion, an increase from $6.2 billion in the previous quarter. The company disclosed in a blog post that it holds 7,100 Bitcoin BTC, valued at nearly $500 million.
Tether's USDT is an important component of the digital asset ecosystem, the third-largest cryptocurrency by market capitalization, the primary form of liquidity on exchanges, and is increasingly used as a payment method in emerging markets.
(The Wall Street Journal) Reports last week stated that Tether is under a U.S. criminal investigation for allegedly violating sanctions and anti-money laundering laws, which the company denies. Tether CEO Paolo Ardoino stated in an interview with CoinDesk that the company respects U.S. sanctions and is committed to continuing to be a major buyer of U.S. debt.
