Tether Reports $2.5B Profit in Q3, Holds Over $100B of U.S. Treasuries
Tether reported $2.5 billion in net profits for Q3, totaling $7.7 billion year-to-date, with USDT's market cap nearing $120 billion. Profits included $1.3 billion from U.S. Treasury yields and $1.1 billion from gold appreciation, which rose 15% in Q3. As of September 30, Tether disclosed $125.5 billion in assets against $119.4 billion in liabilities, with excess reserves exceeding $6 billion. Cash and equivalents made up $105 billion of the reserves, including $84.5 billion in U.S. Treasury bills. Tether Investments' net equity value increased to $7.7 billion, holding 7,100 BTC valued at nearly $500 million. USDT is the third largest cryptocurrency and a key liquidity source on exchanges. Tether denied allegations of a U.S. criminal investigation regarding sanctions violations, asserting compliance with U.S. laws.
