News

Q3 Tether Profit Reaches $2.5B on Treasury, Gold Success

Key Points:

  • Tether reported substantial profits in Q3 2024, with a net profit of $2.5 billion.
  • Tether has allocated $7.7 billion of profit to renewable energy, Bitcoin mining, AI, telecommunications, and education⁠.
Tether profit soars in 2024, reaching $2.5 billion in Q3. USDT market value hits $120 billion. Gains from US Treasuries and gold drive growth.

Tether, the issuer of the largest stablecoin, has reported substantial profits in recent quarters. In the third quarter of 2024, Tether made a net profit of $2.5 billion. Tether reports that this profit mainly came from gains in the US Treasury and gold holdings.

Tether Profit Keeping Going Up in Recent Quarters

QuarterProfit (USD Billion)Key Financial Notes
Q4 20232.85Significant gains from gold and Bitcoin; annual profit at $6.2 billion.
Q1 20244.52Primarily driven by U.S. Treasury holdings and gains in Bitcoin and gold.
Q2 20245.2Increased investments; growth in Bitcoin reserves and treasury assets.
Q3 20242.5Tether Hits $7.7 Billion 2024 Nine-Month Profits, $102.5 Billion in U.S. Treasury Holdings.

The market value of Tether’s USDT token is growing significantly and has reached almost $120 billion in circulation. Tether says its market value increased because more people wanted this type of stablecoin during the crypto bull market. Moreover, the firm reports having more than $6 billion in excess reserves.

That involves heavy investments in US Treasuries, now over $102 billion. The company is making a buck off the interest coming from those Treasury bills, which are most of the reserves backing its stablecoins. Tether reported that gold brought in about $1.1 billion in unrealized profits. Treasury exposure added another $1.3 billion in the last quarter.

Read more: Tether Reserve Breakdown Shows $9.45B in BTC, Gold Assets

Diversified Investment Strategy Pays Off

The company has spread its investments by putting 7.7 billion dollars into renewable energy, Bitcoin mining, artificial intelligence, telecommunications, and education, among other areas. In addition, as of 30 September 2024, Tether’s investing arm also owned an additional 7,100 Bitcoin.

Tether has been on an upward profit trajectory of late. In Q4 2023, the company made $2.85 billion and broke more records in 2024. The first quarter of the year saw the profits rise to $4.52 billion, while by the end of Q2, Tether had pulled in $5.2 billion.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Thana

I am a news editor at Coincu, where I produce daily editorial packages and manage the knowledge and review article sections. Before journalism, I earned a Bachelor's degree in Global Logistics and Supply Chain Management from Northampton University and studied news journalism at Press Association Training.

Recent Posts

Best Altcoins to Buy Now: Qubetics Set For Weekly 10% Rise and Polygon Banks on Whale Activity Amid Avalanche Token Release

Discover the best altcoins to buy now: Qubetics soars with a weekly 10% rise, Polygon…

56 minutes ago

BlockDAG’s Security Boost with KKAK-256: $142.5M in Presale Surpasses Polkadot’s Price Target Hype & Polkadot’s Latest Update

Take a look at the impact of BlockDAG’s KKAK-256 algorithm on security and how its…

4 hours ago

Miami Artist Earns $5.2M from Solana: Is BlockDAG’s 30,000x ROI Next?

Learn how an early Solana investment led a Miami artist to $5.2M in 2021. Explore…

5 hours ago

Best Coins to Hold for Bull Run: Qubetics Swells 10% at Weekend as Polkadot Targets $11, But Polygon Loses Investors’ Favour

Discover the best coins to hold for the bull run as Qubetics surges, Polkadot eyes…

9 hours ago

3,200 Holders Strong: Experts Believe Qubetics Could Be the Best Crypto to Buy Today After Missing ChainLink

If you’re regretting missing that wave, here’s some exciting news: Qubetics ($TICS), with its ongoing…

12 hours ago

Ethereum Spot ETF Inflows Hit $91.2M After Six-Day Outflow

Ethereum Spot ETF Inflows reached $91.2M on Nov 22, marking the first net inflow in…

15 hours ago

This website uses cookies.