Top stablecoin provider Tether said on Thursday that it generated $2.5 billion in profit during the third quarter, according to its latest attestation report.
The crypto firm said that brought its nine month profit total to $7.7 billion, up from $5.2 billion during the first half of 2024.
"One of the quarter’s highlights is Tether’s Stablecoin issuing companies reaching a new ATH of almost $120 billion USDT in circulation," it said in a statement. "This represents a 30% growth in USDT 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."
Demand for stablecoins has increased this year, in part, as a result of the post-COVID inflationary environment and interest rates being raised in order to tamp down an overheated economy. This week, the U.S. Treasury said it expects continued growth for stablecoins, although it suggested the tokens could face headwinds.
In its quarterly attestation, Tether said its reserves are made up of over $105 billion in cash and cash equivalents, "with a notable $102.5 billion in direct and indirect exposures to U.S. Treasuries."
"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," the firm's CEO Paolo Ardoino said in the attestation.
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