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On Thursday, Tether (USDT), the world’s largest stablecoin producerhas released its third quarter (Q3) confirmation report, revealing major financial results amid widespread market recovery led by Bitcoin (BTC).
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Run by the accounting firm BDO, i report highlights Tether’s growth, with a net profit of $2.5 billion in Q3, contributing to a combined profit of $7.7 billion in the first nine months of 2024. This marks a significant achievement for the company, with total assets reaching an all-time high of $134.4 billion.
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Another notable achievement in the report was the expansion of Tether’s stablecoin, which now exceeds $120 billion. This represents a 30% increase since the beginning of the year and reflects the growing global demand for Tether’s stablecoin, USDT.
Tether’s reserves now exceed $105 billion in cash and cash equivalents, including $102.5 billion in direct and indirect exposure to US Treasury bills (T-Bills).
If classified by country, the stablecoin company would be among the top 18 holders of US Treasuries worldwide, surpassing countries such as Germany and Australia.
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CEO Paolo Ardoino emphasized the company’s commitment to proper planning and risk management, saying “Tether’s performance in Q3 demonstrates our unwavering commitment to liquidity and financial stability,” pointing to the increase in liquidity. save the hard drive over $6 billion and investments made through Tether Investments.
Tether’s CEO revealed that this investment spans a variety of sectors, including renewable energy, Bitcoin mining, artificial intelligence (AI), telecommunications and education.
The latest social media posts on X (formerly Twitter), Ardoino also highlighted the importance of USDT in promoting financial inclusion, especially in developing countries. He noted that the majority of USDT usage is concentrated in regions with limited traditional banking services.
“USDt is a digital dollar for hundreds of millions of people that the banking industry has left behind,” Ardoino explained, emphasizing the stablecoin’s role in the provision. financial access “for unfit people.”
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Despite progress, Ardoino acknowledged that a large portion of the world’s population—about 3 billion people—still lack access to basic financial services.
Ardoino also criticized the idea of ​​”washing financial inclusion,” where companies make good claims about improving access to finance without delivering tangible results. In contrast, the CEO said that Tether aims to lead to an “inclusive financial system.”
At the time of writing, the largest cryptocurrency in the market, Bitcoinit was trading at $69,390, losing its consolidation above the key resistance level of $70,000 while recording a 1.2% price drop in the last 24 hours.
Featured image from DALL-E, chart from TradingView.com
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