Key takeaways
- Tether increased its Bitcoin and gold holdings to $4.8 billion and $5 billion respectively.
- Tether’s equity reached $14.2 billion in the third quarter of 2024, up from $7 billion at the end of 2023.
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Tether increased its holdings of Bitcoin and precious metals in the third quarter of 2024, bringing them to $4.8 billion and $5 billion, respectively, according to its latest report on consolidated financial figures and reserves.
The stablecoin issuer also significantly increased its U.S. Treasury holdings to $102.5 billion, the largest portion of its reserves.
Building on a solid financial foundation, Tether’s net equity reached $14.2 billion, double from $7 billion at the end of 2023.
This quarter, Tether’s USDT in circulation reached an all-time high of nearly $120 billion, driven by rising global demand.
With a 30% increase in 2024, an addition of $27.8 billion since the start of the year, Tether issuance is now approaching Circle’s USDC market cap of 35 billion dollars according to CoinGecko data.
Through its separate entity, Tether Investments Limited, the company manages $7.7 billion in assets across the sustainable energy, Bitcoin mining and data infrastructure sectors. These investments are not included in the reserves supporting Tether tokens.
The report reveals three ongoing civil proceedings against Tether Holdings Limited and its subsidiaries, although management has not made any provision for these cases.
The first is a class action alleging claims related to the decline in the price of Bitcoin in 2017 and 2018. The second case stems from Celsius’ bankruptcy, while the third involves a dispute between two parties over USDT held in a wallet not controlled by Tether.
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