Tether Limited has reported record-breaking profits of $2.5 billion for the third quarter, bringing their year-to-date profits to a total of $7.7 billion. The firm’s strong performance was primarily driven by their gold holdings, which netted a $1.1 billion unrealized profit. Tether’s excess reserve buffer has also increased to over $6 billion, reflecting a 15% growth rate in the past nine months and bringing their total equity to an all-time high of $14.2 billion.
With over $105 billion in cash and cash equivalents, including a record $102.5 billion in US Treasuries, Tether’s issuing companies now rank among the top 18 global holders of US Treasuries. The company has also added 7,100 Bitcoin to their portfolio, now valued at nearly $4.8 billion. Tether’s stablecoin, USDT, has seen a surge in circulation to nearly $120 billion, marking a 30% increase year-to-date and setting a new all-time high.
Tether CEO Paolo Ardoino highlighted the company’s financial strength, stating that reaching the $120 billion USD₮ milestone and reporting $102.5 billion in U.S. Treasury exposure demonstrates the firm’s stability in the financial space. Beyond their reserves, Tether’s investment arm has expanded its proprietary portfolio to $7.7 billion, investing in renewable energy, Bitcoin mining, artificial intelligence, telecommunications, and education sectors.
Overall, Tether Limited’s performance in the third quarter has been impressive, with record-breaking profits and a strong focus on strategic investments. The firm’s increased reserve buffer and diverse investment portfolio demonstrate their commitment to stability in the financial space, with their total equity reaching an all-time high. With substantial holdings in US Treasuries and Bitcoin, Tether’s issuing companies rank among the top global holders of US Treasuries and their stablecoin USDT has seen significant growth in circulation. Tether’s investment arm continues to expand into various sectors, further solidifying the company’s position in the market.
