CEO Ardoino On Tether Q3 Performance: $2.3 Billion Gains And What Lies Ahead For The Stablecoin
02 Novembre 2024 - 8:30AM
NEWSBTC
On Thursday, Tether (USDT), the world’s largest stablecoin issuer,
released its third-quarter (Q3) assurance opinion report, revealing
substantial financial results amid the broader market recovery led
by Bitcoin (BTC). Total Tether Assets Reach All-Time High
Conducted by accounting firm BDO, the report highlights Tether’s
growth, with a net profit of $2.5 billion for Q3, contributing to a
consolidated profit of $7.7 billion for the first nine months of
2024. This marks a significant achievement for the company, with
total assets reaching an all-time high of $134.4 billion. Related
Reading: Bitcoin Price Slides Below $70,000: These Are The Key
Reasons Another notable accomplishment in the report was the
expansion of Tether’s stablecoin supply, which now exceeds $120
billion in circulation. This represents a 30% increase since the
beginning of the year and reflects the growing global demand for
Tether’s stablecoin, USDT. Tether’s reserves are now at over
$105 billion in cash and cash equivalents, including $102.5 billion
in direct and indirect exposures to US Treasury bills
(T-Bills). If categorized as a country, the stablecoin
company would rank among the top 18 holders of US Treasuries
globally, surpassing nations like Germany and Australia. CEO
Ardoino Criticizes ‘Inclusion Washing’ By Other Firms CEO Paolo
Ardoino emphasized the company’s dedication to transparency and
responsible risk management, stating “Tether’s performance in Q3
showcases our relentless commitment to liquidity and financial
stability,” pointing to the increase in the reserve buffer to over
$6 billion and investments made through Tether Investments. The
Tether CEO revealed that these investments span various sectors,
including renewable energy, Bitcoin mining, artificial intelligence
(AI), telecommunications, and education. In a recent social media
post on X (formerly Twitter), Ardoino also highlighted the
importance of USDT in promoting financial inclusion, particularly
in developing countries. He noted that a significant portion of
USDT’s usage is concentrated in regions with limited traditional
banking services. “USDt is the digital dollar for hundreds of
millions of people who the banking industry has left behind,”
Ardoino explained, underscoring the stablecoin’s role in providing
financial access to “underserved populations.” Related Reading:
BlackRock’s Bitcoin ETF Reaches 2% Of Total BTC Supply Amid Record
Inflows Despite progress, Ardoino acknowledged that a substantial
portion of the global population—approximately 3 billion
people—still lacks access to basic financial services.
Ardoino further criticized the notion of “financial inclusion
washing,” where companies make grand claims about enhancing
financial access without delivering tangible results. In contrast,
the CEO said Tether aims to lead the charge toward “a more
inclusive financial ecosystem.” At the time of writing, the
market’s largest cryptocurrency, Bitcoin, was trading at $69,390,
having lost its consolidation above the key $70,000 resistance
level while recording a 1.2% drop in price over the past 24
hours. Featured image from DALL-E, chart from TradingView.com
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