The stablecoin giant Tether achieved record revenue.

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The giant of the cryptocurrency market, Tether, announced that it achieved an impressive profit of $2.5 billion in the third quarter of 2024. The circulating supply of USDT reached record levels, marking significant growth in the stablecoin sector. The company's financial solidity and focus on strategic investments further solidified its leading position in the industry.

Tether's Strong Contribution to the Stablecoin Sector

As a leading stablecoin issuer in the cryptocurrency world, Tether showcased impressive financial performance in the third quarter of 2024. According to the company's latest audit report, the net profit of $2.5 billion achieved during this period, combined with the $5.2 billion gains from the first half of the year, brought the total annual profit to $7.7 billion.

The supply of USDT in the market surged to an unprecedented level in the company's history, reaching 120 billion tokens. This figure stands out as a concrete indicator of Tether's $27.8 billion growth achieved throughout the year. The growth recorded by the company is equivalent to the total market value of its closest competitor in the sector.

The economic uncertainties experienced in the post-pandemic period and the interest rate hikes by central banks have increased interest in the stablecoin market. Despite the announcement made by the U.S. Department of the Treasury this week, experts predict that the growth trend in the stablecoin market will continue.

The company's quarterly financial report revealed its strong reserve structure. Tether's assets include over $105 billion in cash and cash equivalents. Additionally, the company has invested $102.5 billion in U.S. Treasury bonds. Tether CEO Paolo Ardoino emphasized that they play a pioneering role in financial stability with reserve buffers exceeding $6 billion and strategic investment moves.

As the third-largest asset in the cryptocurrency market, USDT serves as a significant source of liquidity on exchanges and is also preferred as a means of payment in developing countries. On the other hand, a report published by foreign media last week suggested that the company is under investigation in the U.S. regarding sanctions and money laundering. While Tether's management denied these allegations, Tether CEO Ardoino stated in a statement that the company operates in compliance with U.S. sanctions and will continue to invest in government bonds.