Tether’s Q3 Reserves Rise to $134.4B, Market Lead Grows

Tether posted a record profit of $2.5 billion in the third quarter of 2024, bringing its consolidated revenue to $7.7 billion this year.

According to a report released on Thursday, the stablecoin issuer's total assets reached $134.4 billion in Q3.

Tether is dominating the Stablecoin market by a huge margin.

The value of Tether's USDT token circulation has grown to nearly $120 billion, reflecting demand amid a heavy crypto market. Tether currently holds over $6 billion in excess reserves.

The company's holdings of cash and cash equivalents rose to more than $105 billion, with $102.5 billion held in U.S. Treasury bills — a 5 percent increase from the previous quarter.

Read more: What is Stablecoin? Beginner's guide

During Q3, the Statcoin issuer increased its direct and indirect holdings in US Treasuries and earned interest income from these holdings. The company also announced an additional $1.3 billion in gains from Treasury and $1.1 billion from its gold reserves over the same period.

Beyond stablecoin stocks, the company has invested $7.7 billion in ventures such as renewable energy, Bitcoin mining, AI development, telecommunications, and education.

“The current outlook for Q4/2024 is very positive. Our team at Tether Insights recently released a research thread showing that a total of 330 million on-chain wallets and accounts earn $USDt, not even counting the tens of millions of users who trade $USDt on central exchanges alone. Tether CEO Paolo Arduino wrote in a post on X (formerly Twitter).

According to a report from the Wall Street Journal earlier this month, the United States Attorney's Office in Manhattan is investigating Tether for potential misuse of the platform by third parties involved in illegal activities.

The company's CEO denied any claims of a federal investigation, saying there was no indication of such an investigation.

Read more: Guide to the Best Stablecoins in 2024

As part of its growth strategy, Tether is evaluating credit options for global commodity traders, particularly in developing markets. With strong profits and established networks, the company is positioning itself for potentially profitable expansions.

Despite holding the top position in the stable coin market, Tether may face increasing competition. Ripple recently launched its own stablecoin RLUSD in September, new EU regulations for stablecoins may affect Tether's European market.