On Thursday, Tether (USDT), the world’s largest stablecoin issuer, released its third-quarter (Q3) assurance opinion report, revealing substantial financial results amid the broader market recovery led by Bitcoin (BTC).
Total Tether Assets Reach All-Time High
Conducted by accounting firm BDO, the highlights Tether’s growth, with a net profit of $2.5 billion for Q3, contributing to a consolidated profit of $7.7 billion for 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.
Another notable accomplishment in the report was the expansion of Tether’s stablecoin supply, which now exceeds $120 billion in circulation. 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 are now at over $105 billion in cash and cash equivalents, including $102.5 billion in direct and indirect exposures to US Treasury bills (T-Bills).
If categorized as a country, the stablecoin company would rank among the top 18 holders of US Treasuries globally, surpassing nations like Germany and Australia.
CEO Ardoino Criticizes ‘Inclusion Washing’ By Other Firms
CEO Paolo Ardoino emphasized the company’s dedication to transparency and responsible risk management, stating “Tether’s performance in Q3 showcases our relentless commitment to liquidity and financial stability,” pointing to the increase in the reserve buffer to over $6 billion and investments made through Tether Investments.
The Tether CEO revealed that these investments span various sectors, including renewable energy, Bitcoin mining, artificial intelligence (AI), telecommunications, and education.
In a recent on X (formerly Twitter), Ardoino also highlighted the importance of USDT in promoting financial inclusion, particularly in developing countries. He noted that a significant portion of USDT’s usage is concentrated in regions with limited traditional banking services.
“USDt is the digital dollar for hundreds of millions of people who the banking industry has left behind,” Ardoino explained, underscoring the stablecoin’s role in providing financial access to “underserved populations.”
Despite progress, Ardoino acknowledged that a substantial portion of the global population—approximately 3 billion people—still lacks access to basic financial services.
Ardoino further criticized the notion of “financial inclusion washing,” where companies make grand claims about enhancing financial access without delivering tangible results. In contrast, the CEO said Tether aims to lead the charge toward “a more inclusive financial ecosystem.”
At the time of writing, the market’s largest cryptocurrency, Bitcoin, was trading at $69,390, having lost its consolidation above the key $70,000 resistance level while recording a 1.2% drop in price over the past 24 hours.
Featured image from DALL-E, chart from TradingView.com