Tether Hits Record Highs With $2.5B Q3 Profit and $134B in Assets

Key Takeaways

• Tether posts another quarter of record-breaking profits.
• The stablecoin issuer reported having over $134 billion in assets.
• In the first nine months of 2024, Tether issued $27.8 billion in new USDT.

Tether, the world’s largest stablecoin issuer, has published its third-quarter financial report , revealing a record-breaking profit of $2.5 billion.

This brings the company’s cumulative profit for the first nine months of 2024 to an all-time high of $7.7 billion.

Tether Reports $134B in Assets

According to the report, the stablecoin giant’s assets under management have swelled to $134.4 billion, with $105 billion held in cash or cash equivalents.

$102.5 billion of this amount is invested in direct and indirect exposures to United States Treasuries, making Tether one of the top 18 holders globally.

Tether’s surplus reserve buffer has grown by 15% to almost $6 billion, thanks in part to the robust performance of its gold assets, which generated $1.1 billion in unrealized profits this quarter.

The company’s total liabilities now stand at $119.4 billion, with $119.4 billion of this amount attributed to digital tokens issued.

Regulatory Scrutiny Intensifies Despite Impressive Performance

Tether’s 2024 performance stands out as one of its strongest years, marked by gains in market dominance and profitability. The USDT stablecoin now claims a 75% market share.

In the first nine months of 2024, Tether issued $27.8 billion in new USDT, nearly 30% of its total supply of $120 billion—just $7 billion short of its competitor, USDC’s entire market cap.

Despite its impressive financial performance, Tether faces mounting regulatory pressure.

This week, a report emerged claiming that federal agencies are investigating the company for potential violations of anti-money laundering laws.

Tether swiftly denied the allegations, labeling them as “market FUD.”

CEO Paolo Ardoino took to social media  to reassure investors, stating that the company regularly engages with law enforcement agencies to prevent the misuse of its stablecoin and would be aware of any investigation.

“We deal regularly and directly with law enforcement officials to help prevent rogue nations, terrorists and criminals from misusing USDt. We would know if we are being investigated as the article falsely claimed. Based on that, we can confirm that the allegations in the article are unequivocally false.”

Tether’s woes are not limited to the U.S. Earlier this year, the company was forced to exit Europe due to the implementation of stricter regulations on crypto assets.