Cryptocurrencies
Stablecoin Issuer Tether Says Third-Quarter Profit Was $2.5 Billion
- USDT tokens in circulation has climbed to almost $120 billion
- Profit, holdings data released in a third-party attestation
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Tether Holdings Ltd., the British Virgin Islands-incorporated operator of the largest stablecoin, said it posted net profit of $2.5 billion in the third quarter, largely driven by gains realized on its holdings of US Treasuries and gold.
Closely held Tether, which released the information as part of a third-party attestation by BDO, doesn’t release audited financial statements. The market value of Tether’s USDT token in circulation has climbed to almost $120 billion, as demand for stablecoins rose during the crypto bull market. Tether said it has more than $6 billion in excess reserves.