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On Thursday, Tether (USDT), the world’s leading stablecoin issuer, unveiled its third-quarter (Q3) assurance opinion report. This report showcased impressive financial outcomes, aligning with the broader market recovery spearheaded by Bitcoin (BTC).
Total Tether Assets Reach New Heights
The assurance report, conducted by the esteemed accounting firm BDO, underscores the growth trajectory of Tether. The company reported a remarkable net profit of $2.5 billion for Q3, contributing to a cumulative profit of $7.7 billion for the initial nine months of 2024. This achievement is a testament to Tether’s strategic initiatives, with its total assets soaring to an unprecedented $134.4 billion.
Tether’s Expanding Stablecoin Supply
One of the noteworthy highlights of the report is the growth in Tether’s stablecoin supply, which has exceeded $120 billion in circulation. This 30% increase since the start of the year underscores the escalating global demand for Tether’s USDT stablecoin.
Tether’s reserves are fortified with over $105 billion in cash and cash equivalents, including a significant $102.5 billion in direct and indirect exposure to US Treasury bills (T-Bills). Remarkably, if Tether were classified as a country, it would rank among the top 18 holders of US Treasuries worldwide, surpassing significant economies like Germany and Australia.
CEO Ardoino Criticizes ‘Inclusion Washing’ by Other Firms
Paolo Ardoino, Tether’s CEO, emphasized the company’s unwavering commitment to transparency and prudent risk management. He stated, “Tether’s performance in Q3 underscores our relentless dedication to liquidity and financial stability.” He highlighted the increase in the reserve buffer to over $6 billion and the strategic investments made through Tether Investments.
These investments span diverse sectors, such as renewable energy, Bitcoin mining, artificial intelligence (AI), telecommunications, and education. In a recent social media post on X (formerly Twitter), Ardoino emphasized USDT’s pivotal role in advancing financial inclusion, particularly in regions with limited traditional banking services. He noted that a substantial portion of USDT’s usage is concentrated in areas with inadequate banking infrastructure.
“USDt is the digital dollar for hundreds of millions of people left behind by the banking industry,” Ardoino explained, underscoring the stablecoin’s role in providing financial access to underserved populations.
Challenges and Criticism of “Financial Inclusion Washing”
Despite the significant progress, Ardoino acknowledged that approximately 3 billion people globally still lack access to basic financial services. He further criticized the trend of “financial inclusion washing,” where companies make grand claims about improving financial access without delivering concrete results. In contrast, Tether aspires to lead the way towards “a more inclusive financial ecosystem.”
Market Update: Bitcoin’s Recent Performance
At the time of writing, Bitcoin, the market’s largest cryptocurrency, was trading at $69,390. It had recently lost its hold above the crucial $70,000 resistance level, experiencing a 1.2% drop in price over the last 24 hours.
