Tether, the issuer of stablecoin USDT, recently released its Q3 2024 financial audit report. This audit was conducted by the globally renowned independent accounting firm BDO, showcasing Tether's financial strength and the assets held by its stablecoin issuing entity as of September 30, 2024.

Operating innovation high, continuously expanding demand for stablecoins

In the third quarter of 2024, Tether achieved a net profit of $2.5 billion, bringing the cumulative profit for the first nine months of 2024 to $7.7 billion, setting a new historical high. In addition, Tether's total assets reached $134.4 billion and its share capital increased to $14.2 billion, both of which are historical records. This growth further consolidates Teda's position as a leader in stablecoins and promotes the company's strategic investments in renewable energy, Bitcoin mining, artificial intelligence, and other fields.

This quarter, the circulation of Tether stablecoin USDT reached nearly $120 billion, an increase of 30% for the year, or $27.8 billion, approaching the overall market value of its competitor USDC. This growth reflects the sustained increase in demand for Tether stablecoin in the global market.

Excess reserves and holdings of US treasury bond bonds

TEDA currently holds more than $105 billion in cash and cash equivalents, of which $102.5 billion is the direct and indirect holdings of US treasury bond, which hit a record high. If compared with other countries, its holdings of US treasury bond bonds will rank among the top 18 in the world, surpassing Germany, Australia and the United Arab Emirates.

In addition, Tether has increased its excess reserve buffer to over $6 billion, reflecting an annualized growth rate of 15% over the nine months. In addition, the net profit for the third quarter reached $2.4 billion, with the appreciation of gold holdings resulting in approximately $1.1 billion in unrealized gains.

Cross disciplinary development

Tether's investment division currently has $7.7 billion in strategic investment assets, covering key industries such as renewable energy, Bitcoin mining, artificial intelligence, telecommunications, and education. In addition, the investment department of Teda also holds an additional 7100 bitcoins.

Financial Transparency and Future Prospects

According to Tether's latest financial data, as of September 30, 2024, Tether's total assets amounted to at least $125.472 billion, with total liabilities of $119.38 billion, of which $119.376 billion was issued in USDT.

Tether CEO Paolo Ardoino stated:

"The excellent performance in the third quarter of 2024 demonstrated our commitment to transparency, liquidity and responsible risk management. The circulation of USD 120 billion and the holding of US $102.5 billion of treasury bond highlighted TEDA's financial strength. Our reserve buffer exceeded $6 billion, and we continued to focus on strategic investment, setting a benchmark for financial stability again."