Tether hits $7.7 billion in profit YTD as reserves reach record high

Tether Limited reported $2.5 billion in net profit for the third quarter, bringing its year-to-date profits to a record-breaking $7.7 billion.

The firm’s strong third-quarter numbers were primarily boosted by its gold holdings, which amount to roughly $5 billion, recording $1.1 billion in unrealized profit.

According to Tether’s latest assurance opinion, conducted by accounting firm BDO, the firm has raised its excess reserve buffer to over $6 billion, reflecting a 15% growth rate in the past nine months. 

As a result, the firm’s total equity is at an all-time high of $14.2 billion, consolidating its assets at $134.4 billion. Tether CEO Paolo Ardoino stated:

“By increasing our reserve buffer to over $6 billion and maintaining a focus on strategic investments, Tether is once again setting the standard for stability in the financial space.”

US treasuries and Bitcoin

Moreover, Tether’s issuing companies now hold over $105 billion in cash and cash equivalents, including a record $102.5 billion in US Treasuries.

This amount places the crypto firm among the top 18 global holders of US Treasuries — above Germany, Australia, and the UAE — and is nearly $5 billion larger than Tether’s last attestation report

Additionally, the company added 7,100 Bitcoin (BTC) to its stash, currently valued at nearly $4.8 billion.

The firm’s stablecoin, Tether USD (USDT), surged to a circulation of nearly $120 billion, marking a 30% increase year-to-date. This is a new all-time high in USDT supply and translates to an additional $27.8 billion in issuance.

Ardoino added:

“Reaching the $120 billion USD₮ 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, channeling funds into renewable energy, Bitcoin mining, artificial intelligence, telecommunications, and education sectors. 

The post Tether hits $7.7 billion in profit YTD as reserves reach record high appeared first on CryptoSlate.

  • Related Posts

    FBI initiative saves thousands from crypto scams, recovers $285 million

    The FBI’s initiative to counter crypto investment fraud has helped thousands of victims avoid losing millions of dollars since its launch, according to a Feb. 13 press release. Dubbed Operation…

    Continue reading
    Trump reportedly considering swapping crypto council for informal summits

    President Donald Trump’s administration may be pivoting away from the idea of a formal crypto council in favor of a series of informal summits involving a rotating bench of crypto…

    Continue reading

    Leave a Reply

    Your email address will not be published. Required fields are marked *

    You Missed

    FBI initiative saves thousands from crypto scams, recovers $285 million

    FBI initiative saves thousands from crypto scams, recovers $285 million

    Trump reportedly considering swapping crypto council for informal summits

    Trump reportedly considering swapping crypto council for informal summits

    Amsterdam Blockchain Week: A Celebration of Web3 Innovation and Collaboration

    Amsterdam Blockchain Week: A Celebration of Web3 Innovation and Collaboration

    US customs reportedly stalling Bitcoin miner shipments amid crackdown

    US customs reportedly stalling Bitcoin miner shipments amid crackdown

    South Korea to gradually permit corporate crypto trading amid market reform

    South Korea to gradually permit corporate crypto trading amid market reform

    Tether refutes JPMorgan’s suggestion it will sell Bitcoin to navigate regulation

    Tether refutes JPMorgan’s suggestion it will sell Bitcoin to navigate regulation