Tether’s $2.5B Q3 Profit and Dirham Stablecoin Launch Boost Global Crypto Reach

1. Tether’s Record Q3 Profit and Expanding US Treasury Holdings

Tether, the world's largest stablecoin issuer, recorded a sensational Q3 profit of $2.5 billion and netted year-to-date earnings of $7.7 billion. Today, Tether's assets stretch over $125.5 billion, about $102 billion of which is invested in US Treasuries alone, ranking Tether as one of the top 18 holders worldwide if it were a sovereign entity. Besides this, the company also has sizeable holdings in gold and bitcoin:$ 4.9 billion in gold reserves and $4.7 billion in bitcoin reserves, plus another 7,100 bitcoins courtesy of its investment arm.

Tether, on the other hand, had a better result with a 30% increase in the year-to-date USDT in circulation, which stood close to $120 billion at the close of Q3. The increased issuance reflects the priorities of Tether in emerging markets where increasingly stablecoins are looked upon as a reliable conduit for financial assets.

2. New Dirham-Pegged Stablecoin on TON Blockchain

At Dubai's Gateway 2024, Tether had some news-the latest about a Dirham-pegged stablecoin on the TON blockchain. This venture, introduced by a joint venture with Phoenix Group and Green Acorn, is set to meet the increased demand in areas like the UAE. Indeed, TON blockchain has already proven popular for Tether: USDT adoption on the network has gained more than a billion in just six months, the fastest growth for any blockchain in Tether's history.

It also continues to boost Tether's strategic growth in emerging markets such as Turkey, Argentina, and Brazil, among others, mainly because inflation is one of the major issues that many global users are facing.

Conclusion:  

With sound financials and the move into regional currencies, Tether cements its position not only in the stablecoin leadership but also in answering peculiar demands of different parts of the world's markets. It is in this manner that Tether is forged for further growth, even while competition in the stablecoin space heats up.