💰 Tether's quarterly report highlights its financial strength, can market doubts dissipate?
Latest news is here! Stablecoin giant Tether has just released its third-quarter report, with profits reaching 2.5 billion dollars, and total profits for the first nine months have astonishingly reached 7.7 billion dollars!
According to the audit results for the third quarter of 2024 by the globally renowned accounting firm BDO, as of September 30, Tether reported total consolidated assets of 134.4 billion dollars, with the group's shareholder equity at 14.2 billion dollars.
Moreover, the market capitalization of USDT has reached 120 billion dollars, and it is expected to grow by 30% this year, indicating a continuous rise in global demand for Tether's stablecoin.
Tether emphasized that it has over 105 billion dollars in reserves, which are cash and cash equivalents, with 102.5 billion dollars invested in U.S. Treasury bonds. Therefore, if Tether were compared to a country, it would rank among the top 18 globally in terms of Treasury bond holdings, surpassing economies like Germany and Australia.
Additionally, Tether has expanded its reserve buffer to over 6 billion dollars, and its investments in gold this quarter have also brought in about 1.1 billion dollars in unrealized profits.
Meanwhile, Tether's venture capital arm, Tether Investments, has made strategic investments totaling 7.7 billion dollars in areas such as renewable energy, artificial intelligence, and Bitcoin mining, and this division currently holds 7,100 BTC.
Tether's CEO Paolo Ardoino stated that their third-quarter report demonstrates the company's commitment to transparency, liquidity, and responsible risk management. He also emphasized that by increasing reserves and focusing on strategic investments, Tether has once again set a standard for financial stability.
At the time of this announcement, Ardoino detailed Tether's reserves at the PlanB event and responded to The Wall Street Journal's reports about potential U.S. sanctions against Tether and investigations into anti-money laundering violations. Ardoino called these allegations “clichés” and emphasized that Tether cooperates with law enforcement to combat criminal activities.
💬 So, what do you think about Tether's latest quarterly report? Is it enough to dispel recent market negative sentiment? What does it mean for the stablecoin market and the entire cryptocurrency sector? Leave your thoughts in the comments!
