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Tether’s third-quarter attestation for 2024, led by auditor BDO, highlights record profit levels, reserve expansion, and substantial U.S. Treasury holdings.
Tether’s Q3 Performance Ranks Among Top U.S. Treasury Holders
In its latest attestation, Tether Holdings Limited reports a third-quarter net profit of $2.5 billion, pushing its nine-month consolidated profit to $7.7 billion. The report, prepared by BDO, backs Tether’s consolidated financial figures and reserves report (CFFRR) as of Sept. 30, 2024.
Tether’s equity has reportedly hit $14.2 billion, an all-time high, with consolidated assets totaling $134.4 billion. This performance, according to Tether, reinforces its market leadership in the stablecoin industry and aligns with its long-term strategic goals. The company’s stablecoin reserve holdings reached a peak this quarter, with $120 billion USDT now in circulation—an increase of 30% since the beginning of 2024.
BDO’s attestation validates these reserves, showing that $102.5 billion is held in U.S. Treasuries, hypothetically placing Tether among the top 18 U.S. Treasury holders worldwide if it were a national entity. Tether asserts that its reserve assets, managed through Tether International Limited and Tether Limited, surpass liabilities by more than $6 billion.
Tether’s reserve composition, which includes over $105 billion in cash, cash equivalents, and other assets, with $102.5 billion in U.S. Treasuries, is presented in the attestation. The report also notes an increase in its reserve buffer to over $6 billion, which the company attributes to strategic asset management and unrealized gains of $1.1 billion in gold holdings during Q3.
Tether claims this approach is designed to enhance user confidence amid volatile market conditions. The attestation also provides insight into Tether Investments Limited, separate from stablecoin reserves, which holds investments across renewable energy, bitcoin mining, and artificial intelligence (AI) sectors. These assets are currently valued at $7.7 billion. As of this quarter, Tether Investments holds an additional 7,100 BTC, signaling a stake in cryptocurrency beyond core reserves.
Tether CEO Paolo Ardoino commented on the results, attributing reserve growth and transparency as proof of Tether’s financial infrastructure and risk management approach. “Reaching the $120 billion USDT milestone and reporting $102.5 billion in U.S. Treasury exposure highlights the company’s unparalleled financial strength,” Ardoino stated.
Tether’s attestation comes shortly after a report by the Wall Street Journal (WSJ) that alleged that the stablecoin issuer was under investigation by the U.S. government. Tether has adamantly refuted these claims, calling the WSJ article an example of “irresponsible” journalism.