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Tether, the issuer of the third largest cryptocurrency by market cap, USDT, announced a substantial $2.5 billion net profit for the third quarter. This figure has boosted its year-to-date earnings to $7.7 billion as USDT’s market capitalization approaches $120 billion. Notably, $1.3 billion of these profits stemmed from yields on U.S. Treasury holdings, with an additional $1.1 billion attributed to the appreciation of gold reserves, as shared by CEO Paolo Ardoino on social media.
The company’s financial health is reinforced by a positive quarterly attestation from BDO Italy, showcasing $125.5 billion in assets against $119.4 billion in liabilities. Tether’s robust asset base includes $105 billion in cash equivalents and a significant stash of U.S. Treasury bills, further establishing its strong position in the market.
Amidst these financial successes, Tether continues to diversify, with its venture arm actively expanding into sectors like energy and artificial intelligence. Despite facing allegations from a recent Wall Street Journal report regarding potential legal issues, Ardoino has affirmed Tether’s commitment to compliance with U.S. regulations, underscoring its strategic role in the growing digital asset ecosystem.
