The latest report on Tether is out! Profits for the first three quarters reached 7.7 billion RMB, earning 2.4 billion RMB from gold and US bonds.

Tether, the stablecoin issuer, has released its third quarter audit report signed by the accounting firm BDO, with a profit of 7.7 billion US dollars in the first nine months, holding 102.5 billion US dollars in US Treasury bonds, Circulating Supply exceeding 120 billion US dollars, and excess reserves exceeding 6 billion US dollars in the third quarter of 2024.

Tether's third-quarter excess reserves reach $6 billion.

Stablecoin issuer Tether has announced the issuance of the third quarter 2024 audit report by BDO, one of the world's top five accounting firms.

As of September 30, 2024, the total assets of the Group were $125,472,000,279, and the total liabilities were $119,380,380,143. The assets exceeded the liabilities. The difference between assets and liabilities, which is recorded as shareholder equity on a traditional balance sheet, is referred to as Shareholder Capital Cushion by Tether, with an amount of approximately $6.09 billion.

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83.89% of the asset reserves are held in the form of cash, cash equivalents, and other short-term deposits. The amount of holding US Treasury bonds directly and indirectly amounts to 10.25 billion US dollars.

Tether holds 47.8 billion US dollars' worth of BTC and 49.6 billion US dollars' worth of precious metals (i.e. gold). Tether's CEO Paolo Ardoino revealed at the end of October that Tether holds 82,454 BTC.

The third-quarter net profit was 24 billion dollars

The net profit for the third quarter of 2024 is $2.5 billion, with $1.3 billion coming from US Treasury bond yields and $1.1 billion coming from unrealized gains on gold holdings.

Nine months before 2024, the comprehensive profit was 7.7 billion U.S. dollars, the group's equity reached 14.2 billion U.S. dollars, and the total assets reached 134.4 billion U.S. dollars, all reaching record highs.

Tether's proprietary investment, Tether Investments Limited in the table below, has reached a capital of $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 of promoting global innovation and inclusivity. Tether Investments also holds 7,100 Bitcoins. According to previous Chain News analysis, Tether continues to invest the profits of its stablecoin in other businesses.

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Tether Market Cap has grown by 30% this year

Tether proudly announced that its issuance of the stablecoin $USDT has grown by 30% in market capitalization from the beginning of the year to now, almost equivalent to its competitor (here referring to Circle's $USDC) in total market capitalization. The market capitalization of $USDT has exceeded 120 billion US dollars, accounting for 68% of the total stablecoin market capitalization.

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