{"id":31766,"date":"2024-11-01T15:00:28","date_gmt":"2024-11-01T12:00:28","guid":{"rendered":"https:\/\/coinengineer.net\/blog\/?p=31766"},"modified":"2024-11-01T13:53:15","modified_gmt":"2024-11-01T10:53:15","slug":"tether-reports-2-5-billion-in-net-profit-in-q3-brings-total-profits-to-7-7-billion-by-year-end","status":"publish","type":"post","link":"https:\/\/coinengineer.net\/blog\/tether-reports-2-5-billion-in-net-profit-in-q3-brings-total-profits-to-7-7-billion-by-year-end\/","title":{"rendered":"Tether Reports $2.5 Billion in Net Profit in Q3, Brings Total Profits to $7.7 Billion by Year-End"},"content":{"rendered":"

Leading stablecoin provider Tether<\/strong> announced that it made $2.5 billion in net profit in the third quarter. Its total profit over the last nine months reached $7.7 billion, exceeding the $5.2 billion profit recorded in the first half of the year.<\/p>\n

\u201cOne of the key developments of the quarter was that Tether\u2019s stablecoin issuers pushed the amount of USDT in circulation to a new high of approximately $120 billion USDT,\u201d Tether said. This represents a 30% growth since the beginning of 2024 and represents an increase of $27.8 billion, almost equal to the total market cap of its closest competitor.<\/p>\n

One of the reasons for the increased demand for stablecoins this year has been the post-COVID inflationary environment and the interest rates that have been raised to cool the economy. This week, the U.S. Treasury Department also said it expects stablecoins to continue to grow, but that these tokens could face some challenges in the future.<\/p>\n

Might interest you: What is BabyDoge?<\/a><\/em><\/p>\n

Tether<\/strong> noted in its quarterly filing that its reserves consist of $105 billion in cash and cash equivalents, of which $102.5 billion is directly or indirectly backed by U.S. Treasury securities. \u201cBy increasing our reserve buffer to over $6 billion and focusing on strategic investments, \u201cTether is once again setting the standard for stability in the financial world,\u201d he said.<\/p>\n

\n

You can join our Telegram<\/a> <\/strong>channel to not miss the news and stay informed about the crypto world.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

Leading stablecoin provider Tether announced that it made $2.5 billion in net profit in the third quarter. Its total profit over the last nine months reached $7.7 billion, exceeding the $5.2 billion profit recorded in the first half of the year. \u201cOne of the key developments of the quarter was that Tether\u2019s stablecoin issuers pushed<\/p>\n","protected":false},"author":6,"featured_media":30985,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9,2],"tags":[118,4286,9221,119],"class_list":["post-31766","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto-news","category-news","tag-tether","tag-tether-usdt","tag-tether-q3","tag-usdt"],"yoast_head":"\nTether Reports $2.5 Billion in Net Profit in Q3, Brings Total Profits to $7.7 Billion by Year-End - Coin Engineer<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/coinengineer.net\/blog\/tether-reports-2-5-billion-in-net-profit-in-q3-brings-total-profits-to-7-7-billion-by-year-end\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Tether Reports $2.5 Billion in Net Profit in Q3, Brings Total Profits to $7.7 Billion by Year-End - Coin Engineer\" \/>\n<meta property=\"og:description\" content=\"Leading stablecoin provider Tether announced that it made $2.5 billion in net profit in the third quarter. Its total profit over the last nine months reached $7.7 billion, exceeding the $5.2 billion profit recorded in the first half of the year. \u201cOne of the key developments of the quarter was that Tether\u2019s stablecoin issuers pushed\" \/>\n<meta property=\"og:url\" content=\"https:\/\/coinengineer.net\/blog\/tether-reports-2-5-billion-in-net-profit-in-q3-brings-total-profits-to-7-7-billion-by-year-end\/\" \/>\n<meta property=\"og:site_name\" content=\"Coin Engineer\" \/>\n<meta property=\"article:published_time\" content=\"2024-11-01T12:00:28+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-11-01T10:53:15+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/coinengineer.net\/blog\/wp-content\/uploads\/2024\/10\/Adsiz-tasarim-9-1024x576.png\" \/>\n\t<meta property=\"og:image:width\" content=\"1024\" \/>\n\t<meta property=\"og:image:height\" content=\"576\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"Tanju Akb\u0131y\u0131k\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Tanju Akb\u0131y\u0131k\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/coinengineer.net\/blog\/tether-reports-2-5-billion-in-net-profit-in-q3-brings-total-profits-to-7-7-billion-by-year-end\/\",\"url\":\"https:\/\/coinengineer.net\/blog\/tether-reports-2-5-billion-in-net-profit-in-q3-brings-total-profits-to-7-7-billion-by-year-end\/\",\"name\":\"Tether Reports $2.5 Billion in Net Profit in Q3, Brings Total Profits to $7.7 Billion by Year-End - 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