Data: Tether's net profit reached 2.5 billion US dollars in the third quarter, with a record high circulation of USDT

According to reports, stablecoin provider Tether stated in its latest audit report that it achieved a net profit of $2.5 billion in the third quarter, bringing the net profit from the beginning of the year to $7.7 billion.

Tether also pointed out that as of now, the circulation of USDT for 2024 has reached a new high close to $120 billion, an increase of 30% since the beginning of the year. Tether's reserves contain more than $105 billion in cash and cash equivalents, with $102.5 billion directly or indirectly invested in U.S. Treasury bonds.

Company CEO Paolo Ardoino said that by increasing reserve buffers to over $6 billion and focusing on strategic investments, Tether has once again set a standard for stability in finance.