Tether’s Q3 Net Profit Reaches $2.5B

According to its latest attestation report, Tether reported a $2.5 billion profit in the third quarter, bringing its total profit to $7.7 billion in the first nine months of 2024.

This is a significant increase from the $5.2 billion in profits during the first half of the year.

Tether also reached an all-time high of $120 billion in circulating USDT tokens, showing a 30% growth in 2024 so far and nearly equaling its closest competitor’s market capitalization.

The increased demand for stablecoins can be attributed to the current inflationary environment and rising interest rates, as businesses seek to hedge against the impact of an overheated economy. Despite potential challenges, the US Treasury predicts continued growth for stablecoins.