Tether's third-quarter net profit was $2.5 billion, bringing its year-to-date net profit to $7.7 billion

PANews reported on November 1 that according to The Block, stablecoin issuer Tether said on Thursday that according to its latest audit report, the company achieved a profit of US$2.5 billion in the third quarter, bringing its total profit for the nine months to US$7.7 billion, up from US$5.2 billion in the first half of 2024.

“A highlight of the quarter was that stablecoin issuer Tether reached a new high of nearly $120 billion in USDT in circulation, representing a 30% increase in USDT tokens issued so far in 2024, or $27.8 billion, nearly equal to the entire market capitalization of its closest competitor,” the company said in a statement.

In its quarterly audit report, Tether said its reserves consist of more than $105 billion in cash and cash equivalents, including $102.5 billion in direct and indirect holdings of U.S. Treasuries. The company's CEO Paolo Ardoino said: "By increasing our reserve buffer to more than $6 billion and continuing to focus on strategic investments, Tether once again sets the standard for stability in the financial sector."