- According to its most recent attestation report, leading stablecoin provider Tether reported a $2.5 billion profit for the third quarter.
- Tether also reported a $7.7 billion profit for the first nine months of the year.
According to its most recent attestation report, leading stablecoin supplier Tether reported on Thursday that it made $2.5 billion in profit in the third quarter.
According to the cryptocurrency company, this increased its nine-month profit to $7.7 billion from $5.2 billion in the first half of 2024.
Tether’s stablecoin issuing companies hit a new all-time record of about $120 billion USDT in circulation, which is one of the quarter’s highlights. This amounts to $27.8 billion, or a 30% increase in USDT tokens released thus far in 2024, and is nearly equal to the total market capitalization of its nearest rival.
The post-COVID inflationary climate and interest rate hikes to cool an overheated economy have contributed to this year’s spike in demand for stablecoins. Although it hinted that the tokens would encounter challenges, the U.S. Treasury stated this week that it anticipates stablecoins to continue growing.
Over $105 billion in cash and cash equivalents, including a significant $102.5 billion in direct and indirect exposures to U.S. Treasuries, comprise Tether’s reserves, according to its quarterly attestation.
Tether is once again establishing the benchmark for stability in the financial sector by boosting our reserve buffer to more than $6 billion and continuing to concentrate on strategic initiatives.
Disclaimer : This article was created for informational purposes only and should not be taken as investment advice. An asset’s past performance does not predict its future returns. Before making an investment, please conduct your own research, as digital assets like cryptocurrencies are highly risky and volatile financial instruments.
