CEO Ardoino On Tether Q3 Performance: $2.3 Billion Gains And What Lies Ahead For The Stablecoin
Tether (USDT) reported a net profit of $2.5 billion for Q3 2024, contributing to a total profit of $7.7 billion for the first nine months. Total assets reached an all-time high of $134.4 billion, with the stablecoin supply exceeding $120 billion, a 30% increase since January. Tether's reserves are over $105 billion, primarily in US Treasury bills, ranking it among the top 18 holders of T-Bills globally. CEO Paolo Ardoino emphasized Tether's commitment to transparency and financial stability, with a reserve buffer exceeding $6 billion. Ardoino highlighted USDT's role in promoting financial inclusion, particularly in developing regions, while criticizing "financial inclusion washing" by other firms. Approximately 3 billion people still lack access to basic financial services. Bitcoin was trading at $69,390, down 1.2% in the last 24 hours.
