Tether Reports Q3 Net Profit of $2.5 Billion

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As a seasoned crypto investor with a keen eye for market trends and a knack for sniffing out potential opportunities, I can confidently say that Tether’s recent financial performance is nothing short of impressive. A $2.5 billion net profit in just three months? That’s the kind of growth that makes even the most stalwart of traditional investors sit up and take notice.

In Q3 of 2024, Tether, the foremost stablecoin provider, announced a net income of approximately $2.5 billion, as indicated in the latest financial audit report prepared by the accounting firm BDO.

The company’s nine-month profits have now hit an impressive $7.7 billion. 

The report also reveals that Tether has a whopping $134.4 billion in total assets. 

According to U.Today, the stablecoin issuer is planning to put a portion of its earnings into commodity trading. The company has also made strategic investments in the rapidly growing artificial intelligence (AI) sector and even agriculture. Currently, their proprietary investments amount to $7.7 billion.

As a crypto investor, I’ve noticed an impressive surge in the market capitalization of USDT stablecoin, reaching as high as $120 billion, as per the data from CoinGecko. This growth, amounting to approximately 30% year-to-date, underscores Tether’s remarkable financial resilience, a point emphasized by Tether CEO Paolo Ardoino.

As per the latest report released on Thursday, Tether’s total reserves currently amount to a staggering $105 billion. A significant portion of these reserves are invested in US Treasuries, which places Tether among the top holders of U.S. debt, surpassing several major nations like Germany. Notably, the financial health of Tether has been scrutinized by Cantor Fitzgerald, a prominent New York-based financial services firm. In 2020, Howard Lutnick, CEO of Cantor Fitzgerald, publicly expressed his admiration for Tether.

Throughout its history, the company has encountered multiple scandals. Last Friday, The Wall Street Journal disclosed that Tether is under criminal scrutiny in the United States. Yet, Ardoino dismissed the alarming report as “unsubstantial.” Following an initial decline, Bitcoin subsequently rebounded and soared above $73,000 mark earlier this week.

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2024-10-31 23:42