Saltık 
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.
“One of the key developments of the quarter was that Tether’s stablecoin issuers pushed the amount of USDT in circulation to a new high of approximately $120 billion USDT,” 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.
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.
Might interest you: What is BabyDoge?
Tether 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. “By increasing our reserve buffer to over $6 billion and focusing on strategic investments, “Tether is once again setting the standard for stability in the financial world,” he said.
You can join our Telegram channel to not miss the news and stay informed about the crypto world.