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%Stablecoin issuer %Tether (CRYPTO: $USDT ) has reported a $2.5 billion U.S. profit for this year’s third quarter.
The Q3 profit lifts Tether’s year-to-date profit to $7.7 billion U.S. as the market capitalization of its related %Cryptocurrency $USDT approaches $120 billion U.S.
The company also reported that it now holds more than $100 billion of U.S. Treasuries, which are used to back its stablecoin.
In all, Tether disclosed $125.5 billion U.S. of assets in reserve against $119.4 billion U.S. in liabilities for the third quarter ended on Sept. 30.
Excess reserves backing Tether’s stablecoins rose to over $6 billion in the period.
Some $105 billion of the reserve assets were held in cash, including $84.5 billion in U.S. Treasury bills. The company also held $5 billion U.S. worth of gold and $4.8 billion of %Bitcoin (CRYPTO: $BTC ).
Tether Investments, the group’s venture arm that allocates money to energy, mining and %ArtificialIntelligence (A.I.), had a net equity value of $7.7 billion U.S. at the end of Q3.
Tether’s $USDT stablecoin is the third biggest crypto by market capitalization and serves as the main form of liquidity on crypto exchanges, and as a payment method in emerging markets.
Media reports over the past week allege that Tether is under U.S. criminal investigation for possible violations of sanctions and anti-money-laundering laws.
The company has disputed the media reports and denies any wrongdoing.
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