Tether Limited, the company behind the popular stablecoin Tether USD (USDT), announced a net profit of $2.5 billion for the third quarter, bringing its total year-to-date profits to a record-breaking $7.7 billion. The company’s strong financial performance was largely driven by its $5 billion in gold holdings, which generated $1.1 billion in unrealized profits.
According to an assurance opinion conducted by accounting firm BDO, Tether has increased its excess reserve buffer to over $6 billion, reflecting a 15% growth rate in the past nine months. This has resulted in the company’s total equity reaching an all-time high of $14.2 billion, with total assets consolidating at $134.4 billion.
Tether’s issuing companies now hold over $105 billion in cash and cash equivalents, including a record $102.5 billion in US Treasuries. This places the crypto firm among the top 18 global holders of US Treasuries, ahead of countries like Germany, Australia, and the UAE. Additionally, the company added 7,100 Bitcoin (BTC) to its holdings, currently valued at nearly $4.8 billion.
The circulation of Tether’s stablecoin, USDT, has surged to nearly $120 billion, marking a 30% increase year-to-date and setting a new all-time high in USDT supply. Tether CEO Paolo Ardoino stated that reaching the $120 billion USDT milestone and reporting $102.5 billion in U.S. Treasury exposure highlights the company’s unparalleled financial strength.
Beyond its reserves, Tether’s investment arm has expanded its proprietary portfolio to $7.7 billion, investing in sectors such as renewable energy, Bitcoin mining, artificial intelligence, telecommunications, and education.