Tether's Q3 2024 certification, led by auditing firm BDO, highlights record profits, increased reserves, and significant U.S. Treasury bond holdings.

Tether's Q3 performance ranks among the top U.S. Treasury bondholders

In its latest certification, Tether Holdings Limited reported a net profit of $2.5 billion for Q3, pushing its nine-month consolidated profit to $7.7 billion. The report, compiled by BDO, supports Tether's consolidated financial figures and reserve report (CFFRR) as of September 30, 2024.

Tether's equity is reported to have reached $14.2 billion, an all-time high, with total consolidated assets of $134.4 billion. According to Tether, this performance reinforces the company's market leadership position in the stable cryptocurrency sector and aligns with the company's long-term strategic goals. The company's stable cryptocurrency reserves peaked this quarter, with $120 billion USDT currently in circulation—an increase of 30% since the beginning of 2024.

BDO's certification confirms these reserves, indicating that $102.5 billion is held in U.S. Treasury, theoretically placing Tether among the top 18 companies holding U.S. Treasury worldwide if it were a national entity. Tether asserts that its reserves, managed through Tether International Limited and Tether Limited, exceed liabilities of over $6 billion.

The reserves of Tether, consisting of over $105 billion in cash, cash equivalents, and other assets, with $102.5 billion in U.S. Treasury bonds, are presented in the certification. The report also notes that the company's buffer reserves have increased to over $6 billion, which the company attributes to strategic asset management and an unrealized gain of $1.1 billion in gold holdings during Q3.

Tether claims this approach is designed to enhance user confidence amidst market volatility. This certification also provides insights into Tether Investments Limited, distinct from stablecoin reserves, holding investments in renewable energy, bitcoin mining, and artificial intelligence (AI). These assets are currently valued at $7.7 billion. As of this quarter, Tether Investments holds an additional 7,100 BTC, signaling a stake in cryptocurrency beyond core reserves.

Tether's CEO Paolo Ardoino commented on the results, stating that the growth in reserves and transparency is evidence of Tether's financial infrastructure and risk management approach. "Reaching the milestone of $120 billion USDT and reporting $102.5 billion in U.S. Treasury liabilities highlights the company's unparalleled financial strength," Ardoino stated.

Tether's confirmation comes shortly after the Wall Street Journal (WSJ) reported that the stablecoin issuer is under investigation by the U.S. government. Tether has firmly denied these claims, calling the WSJ article an example of "irresponsible" journalism.
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