Data: Tether's net profit in the third quarter reached 2.5 billion USD, and the circulation of USDT hit a record high

ChainCatcher news, according to The Block, stablecoin provider Tether reported in its latest audit that it achieved a net profit of $2.5 billion in the third quarter, bringing the year-to-date net profit to $7.7 billion.

Tether also noted that as of now, the circulation of USDT in 2024 has reached a new high of nearly $120 billion, a 30% increase since the beginning of the year. Tether's reserves include over $105 billion in cash and cash equivalents, of which $102.5 billion is directly or indirectly invested in U.S. Treasury securities.

Company CEO Paolo Ardoino stated that by increasing the reserve buffer to over $6 billion and focusing on strategic investments, Tether has once again set the standard for stability in the financial sector.