Tether’s USDt in Circulation Now $120bn, Exposure to US Treasuries $102.5bn

By Dipo Olowookere

One of the leading players in the cryptocurrency market in the world, Tether Holdings Limited, has increased its US Treasury exposure to $102.5 billion in the first nine months of 2024.

In a statement on Thursday, the firm said this reflects its unparalleled financial strength, as its reserve buffer grew to over $6 billion, setting the standard for stability in the financial space.

The company disclosed that its stablecoin, USDt, reached a new all-time high of almost $120 billion in circulation, underscoring the increasing global demand for the company’s flagship stablecoin.

Business Post reports that this represents a 30 per cent 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 the third quarter of 2024, the organisation marked another record-breaking milestone with a net profit of $2.5 billion, contributing to a 2024 nine-month consolidated profit of $7.7 billion.

The group equity reached $14.2 billion, as total assets on a consolidated basis expanded to $134.4 billion, further solidifying Tether’s position as the industry leader, with significant reinvestments in strategic projects aligned with the company’s broader mission.

“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 US 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,” the chief executive of Tether, Mr Paolo Ardoino, remarked.

A further quick look into the results showed that 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.