Today, Tether Holdings Limited (BVI) released its assurance opinion for the third quarter of 2024, conducted by BDO, a leading global independent accounting firm. The most recent attestation reaffirms the accuracy of Tether’s Consolidated Financial Figures and Reserves Report (CFFRR) and provides an overview of the financial strength of the Group and the detailed breakdown of the assets held as reserves by the entities issuing Tether’s token as of September 30, 2024.
Building on the strong performance of the year, Q3 2024 marked another record-breaking milestone for Tether, with a Group net profit of $2.5 billion, contributing to a 2024 nine-month consolidated profit of $7.7 billion and group equity reaching $14.2 billion, and total assets on a consolidated basis of $134.4 billion — all of which are all-time highs (ATH). This exceptional growth has further solidified Tether’s position as the industry leader, with significant reinvestments in strategic projects aligned with the company’s broader mission.
One of the quarter’s highlights is Tether’s Stablecoin issuing companies reaching a new ATH of almost $120 billion USD₮ in circulation, underscoring the increasing global demand for the company’s flagship stablecoin. This represents a 30% growth in USD₮ tokens issued in 2024 year-to-date or $27.8 billion achieved by the companies and is almost equivalent to the entire market cap of its closest competitor.
In terms of reserves, Tether’s Stablecoin issuing companies managing the respective reserves now hold over $105 billion in cash and cash equivalents, with a notable $102.5 billion in direct and indirect exposures to U.S. Treasuries — a new ATH that places Tether among the top 18 holders globally if it were classified as a country, above Germany, Australia, and the UAE. This demonstrates Tether’s steadfast commitment to liquidity and stability, offering unparalleled security to its users.
The Stablecoin issuing companies increased their excess reserve buffer to over $6 billion, reflecting a non-annualized nine-month growth rate of 15%. Q3 reported net profit achieved $2.4 billion supported by the strong performance of its gold holdings, which generated approximately $1.1 billion in unrealized profits this quarter.
In line with Tether’s long-term vision, proprietary investments (Tether Investments arm), not included in the reserves backing the stablecoins issued, have reached $7.7 billion. These strategic investments span across key industries such as renewable energy, Bitcoin mining, Artificial Intelligence, telecommunications, and education, reinforcing Tether’s broader mission to drive global innovation and inclusion. Tether Investments arm owns an additional 7,100 Bitcoin.
With regard to the companies managing Tether tokens reserves (Tether International Limited and Tether Limited), the Management of the Company asserts the following as of September 30, 2024:
• The total assets included in the reserves amount to at least US$125,472,000,279.
• The total liabilities amount to US$119,380,380,143, of which US$119,376,234,010 relates to digital tokens issued.
• The assets exceed its consolidated liabilities.
• The direct and indirect exposures to U.S. Treasuries increased to $102.5 billion.
With the third attestation of 2024, Tether continues to set new financial benchmarks. Paolo Ardoino, CEO of Tether, remarked, “Tether’s performance in Q3 2024 showcases our relentless commitment to transparency, liquidity, and responsible risk management. Reaching the $120 billion USD₮ milestone and reporting $102.5 billion in U.S. Treasury exposure highlights the company’s unparalleled financial strength. By increasing our reserve buffer to over $6 billion and maintaining a focus on strategic investments, Tether is once again setting the standard for stability in the financial space.”
For further details, please refer to the latest assurance opinion and the Consolidated Reserves Report here.
