Tether's net profit hits new high with $800 million in monthly profit

Source: Blockchain Knight

Tether Limited recently announced its third quarter financials, reporting a net profit of $2.5 billion. So far this year, Tether has made a record-breaking profit of $7.7 billion.

Tether’s “strong performance” in the third quarter was mainly driven by its approximately $5 billion in gold holdings, which totaled $1.1 billion in unrealized profits.

According to the latest attestation opinion on Tether by BDO, the company has increased its excess reserve buffer to more than $6 billion, an increase of 15% over the past nine months.

As a result, the company’s total equity reached a record high of $14.2 billion, with consolidated assets of $134.4 billion.

Tether CEO Paolo Ardoino said: "By increasing our reserve buffer to more than $6 billion and maintaining a focus on strategic investments, Tether has once again set the standard for stability in the financial sector."

In addition, Tether's issuer currently holds more than $105 billion in cash and cash equivalents, including a record $102.5 billion in U.S. Treasuries.

This amount puts the Crypto asset company among the top 18 holders of U.S. Treasuries in the world, surpassing Germany, Australia and the United Arab Emirates, and is nearly $5 billion more than Tether's last certification report.

In addition, the company also added 7,100 BTC, currently worth nearly $4.8 billion.

The company's stablecoin Tether USD (USDT) has soared to nearly $120 billion in circulation, up 30% so far this year. This is a new all-time high for USDT supply, equivalent to an additional $27.8 billion in issuance.

“Reaching the $120 billion milestone and reporting $102.5 billion in U.S. Treasuries exposure demonstrates the company’s unparalleled financial strength,” Ardoino added.

In addition to its reserves, Tether’s investment arm has expanded its proprietary portfolio to $7.7 billion, investing in renewable energy, BTC mining, artificial intelligence, telecommunications, and education.