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On Thursday, Tether (USDT), the largest coin in the world, was traded Stablecoin sourcereleased its third-quarter (Q3) Assurance Opinion report, revealing big financial results amid a broader market recovery led by Bitcoin (BTC).
Tether’s total assets reach an all-time high
Conducted by accounting firm BDO, and a report Highlights Tether’s growth, with net profit of $2.5 billion for the third quarter, contributing to a consolidated profit of $7.7 billion for the first nine months of 2024. This represents a major milestone for the company, with total assets reaching an all-time high At US$134.4. one billion.
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Another notable achievement in the report is 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 the Tether stablecoin. USDT.
Tether’s reserves now stand at more than $105 billion in cash and cash equivalents, including $102.5 billion of direct and indirect exposure to U.S. Treasury bills (T-bills).
If designated as a country, the stablecoin company would rank among the top 18 holders of US Treasuries globally, surpassing countries such as Germany and Australia.
Arduino CEO criticizes ‘inclusion laundering’ by other companies
CEO Paolo Ardoino emphasized the company’s dedication to transparency and responsible risk management, saying, “Tether’s third-quarter performance demonstrates our continued commitment to liquidity and financial stability,” noting the increase in Tether’s value. Backup buffer To more than $6 billion and investments made through Tether Investments.
Tether’s CEO revealed that these investments span different sectors, including renewable energy, Bitcoin mining, artificial intelligence (AI), telecommunications, and education.
Recently Social media sharing On X (formerly Twitter), Ardoino also highlighted the importance of USDT in promoting financial inclusion, especially in developing countries. He noted that a large portion of USDT usage is concentrated in areas with limited traditional banking services.
“USDt is the digital dollar for the hundreds of millions of people left behind by the banking industry,” Ardoino explained, stressing the stablecoin’s role in providing… Financial access To “disadvantaged populations”.
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Despite the progress, Arduino acknowledged that a significant portion of the world’s population — about 3 billion people — still lacks access to basic financial services.
Ardoino also criticized the idea of “financial inclusion laundering,” where companies make big claims about promoting financial access without achieving tangible results. In contrast, the CEO said that Tether aims to lead efforts toward a “more inclusive financial ecosystem.”
At the time of writing, it was the largest cryptocurrency on the market, BitcoinIt was traded at $69,390, after losing stability above the major resistance level of $70,000 while registering a 1.2% decline in price over the past 24 hours.
Featured image of DALL-E, chart from TradingView.com