Tether, the company behind the USDT stablecoin, recorded a net profit of $2.5 billion in Q3, bringing its year-to-date profits to $7.7 billion. An independent audit by BDO confirmed this financial performance, showing notable growth. Tether's shareholder equity rose to $14.7 billion, with consolidated assets reaching a high of $134.4 billion.
On September 30, Tether's reserves backing USDT reached $125.47 billion, of which $102.5 billion was allocated to U.S. Treasury bonds. CEO Paolo Ardoino emphasized that Tether has become the 18th largest owner of U.S. government debt, surpassing countries such as Germany, Australia, and the UAE. Additionally, gold constitutes a significant segment of Tether’s holdings, yielding $1.1 billion in unrealized profits during the third quarter, in conjunction with about $1.3 billion in revenue from U.S. Treasury investments.
At the end of the quarter, USDT’s circulating supply was around 119.4 billion tokens, supported by approximately $6 billion in excess reserves. Tether Investments' capital grew to $7.7 billion, with the addition of 7,100 BTC. While the Wall Street Journal recently reported an investigation by U.S. authorities into potential regulatory issues, CEO Paolo Ardoino dismissed these claims, reaffirming Tether's commitment to maintaining strong relations with U.S. authorities.
