Tether Q3 Report 77 Billion Profit in First Three Quarters Driven by Gold Appreciation
Stablecoin issuer Tether releases third-quarter audit report signed by accounting firm BDO, with profits reaching $7.7 billion in the first nine months, holding $1.025 trillion in U.S. bonds, circulating supply exceeding $1.2 trillion, and excess reserves over $6 billion in the third quarter of 2024.
Tether’s Excess Reserves Reach $6 Billion in the Third Quarter
Stablecoin issuer Tether announced the 2024 third quarter audit report issued by BDO, one of the world’s top five accounting firms.
As of September 30, 2024, the group’s total assets were $125,472,000,279, total liabilities were $119,380,380,143, with assets exceeding liabilities. The difference between assets and liabilities, traditionally listed as shareholder equity on the balance sheet, is referred to by Tether as Shareholder Capital Cushion, amounting to approximately $60.9 billion.
Of the asset reserves, 83.89% are held in the form of cash, cash equivalents, and other short-term deposits. The amount of U.S. bonds held directly and indirectly amounts to $1.025 trillion.
Tether also holds $4.78 billion worth of Bitcoin and $4.96 billion worth of precious metals (gold). Tether CEO Paolo Ardoino revealed at the end of October that Tether holds 82,454 BTC.
Third Quarter Net Profit of $2.4 Billion
The net profit for the third quarter of 2024 was $2.5 billion, with $1.3 billion coming from U.S. bond yields and $1.1 billion from unrealized gains on gold holdings.
The comprehensive profit for the first nine months of 2024 was $7.7 billion, with group equity reaching $14.2 billion and total assets reaching $1.344 trillion, all reaching historical highs.
Tether’s proprietary investments (Tether Investments Limited in the table below) equity has reached $7.7 billion. These strategic investments span key industries such as renewable energy, Bitcoin mining, artificial intelligence, telecommunications, and education, strengthening Tether’s broader mission to drive global innovation and inclusivity. Tether Investments also holds 7,100 BTC. According to Chain News’ analysis, Tether continues to reinvest its stablecoin earnings into other business entities.
(With the Fed expected to cut interest rates, Tether’s quarterly earnings may decrease by $200 million. How will the stablecoin leader respond?)
Tether’s Market Cap Grows by 30% This Year
Tether also proudly states that the market value of its issued stablecoin USDT has grown by 30% since the beginning of the year, almost equivalent to the total market value of its competitors (referring to Circle’s USDC). The market value of USDT has exceeded $1.2 trillion, accounting for 68% of the total stablecoin market value.
