TechFlow news, November 1 — According to The Block, Tether, the stablecoin provider, reported a net profit of $2.5 billion in its latest Q3 report, bringing year-to-date net profits to $7.7 billion.
Tether also noted that USDT's circulating supply reached a new high of nearly $120 billion in 2024, a 30% increase from the beginning of the year. The company’s reserves include over $105 billion in cash and cash equivalents, with $102.5 billion directly or indirectly invested in U.S. Treasury securities.
Paolo Ardoino, CEO of Tether, stated that by increasing its reserve buffer to over $6 billion and focusing on strategic investments, Tether has once again set the standard for stability in the financial sector.
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