Tether, the issuer of the world’s most-used stablecoin, USDT, has reported an unprecedented cumulative profit exceeding $10 billion for the first nine months of the year, according to its latest BDO-certified attestation report.
This extraordinary profitability, which includes at least $4.3 billion generated in the third quarter alone, is largely attributed to its massive exposure to high-yielding U.S. Treasury bonds, estimated at $135 billion.
Key Highlights from Reserves:
- U.S. Treasury Bonds: $$$135 billion
- Precious Metals: $$$12.8 billion
- Bitcoin Holdings: $$$10 billion
Tether CEO Paolo Ardoino stated the results “reflect continued confidence and strength” despite a challenging global economic environment. The company also saw significant growth, issuing an additional $$$17 billion in USDT during Q3.
Transparency Concerns Persist
Despite the record financial performance, Tether continues to face criticism over its lack of transparency. As a private company, it publishes quarterly attestations instead of full, standardized financial reports, preventing independent verification of its reserve management.
Analysts suggest this lack of regulatory oversight and the concentration of its massive reserves fuel debate about Tether’s quasi-systemic role in the crypto market’s “shadow banking.”
