Tether has posted a record-breaking $2.5 billion in income for the third quarter of 2024, boosting its consolidated earnings this yr to $7.7 billion.
In accordance with a report launched on Thursday, the stablecoin issuer’s whole belongings reached $134.4 billion in Q3.
Tether is Dominating the Stablecoin Market by a Giant Margin
The circulating worth of Tether’s USDT token has grown near $120 billion, reflecting elevated demand amid a bullish crypto market. Tether at present holds greater than $6 billion in extra reserves.
The corporate’s reserves in money and money equivalents have risen to over $105 billion, with $102.5 billion held in US Treasury payments—a 5% improve from final quarter.
Learn Extra: What Is a Stablecoin? A Newbie’s Information
Throughout Q3, the stablecoin issuer expanded its direct and oblique holdings in US Treasuries, incomes curiosity revenue from these reserves. The agency reported an extra $1.3 billion in unrealized income from Treasuries and $1.1 billion from its gold belongings in the identical interval.
Past stablecoin reserves, the corporate has invested $7.7 billion in initiatives like renewable vitality, Bitcoin mining, AI growth, telecommunications, and academic ventures.
“Current outlook for Q4/2024 is very positive. Our team at Tether Insights recently released a research thread demonstrating a total of 330 million on-chain wallets and accounts ever receiving $USDt, not even counting the several tens of millions of users that hold and transact in $USDt only through centralised exchanges,” Tether’s CEO Paolo Ardoino wrote in an X (previously Twitter) put up.
Earlier this month, stories from The Wall Road Journal indicated that the US Lawyer’s Workplace in Manhattan is investigating Tether for potential misuse of its platform by third events concerned in unlawful actions.
The corporate’s CEO has denied any claims of a federal probe, asserting no indication of such an investigation.
Learn Extra: A Information to the Greatest Stablecoins in 2024
As a part of its progress technique, Tether is evaluating lending choices for worldwide commodities merchants, with a selected concentrate on creating markets. With sturdy income and established networks, the agency is positioning itself for probably profitable expansions.
Regardless of holding the highest spot within the stablecoin market, Tether could face rising competitors. Ripple just lately launched its personal stablecoin, RLUSD, in September, whereas new EU laws for stablecoins may have an effect on Tether’s dominance within the European market.
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