Tether has reported a record profit of $2.5 billion for the third quarter of 2024, bringing its total earnings for the year to $7.7 billion.

The company's market capitalization for its USDT stablecoin is nearing $120 billion, reinforcing its strong position in the cryptocurrency market.

Tether's total assets have reached an all-time high of $134.4 billion, reflecting substantial growth.

The company's reserves now exceed $105 billion, primarily in cash and cash equivalents, with significant exposure to US Treasury bills.

Tether's reserve buffer has increased to over $6 billion, marking a 15% growth over the past nine months, as confirmed by an assurance opinion from accounting firm BDO.

CEO Paolo Ardoino highlighted USDT's critical role in promoting financial inclusion, especially in developing countries with limited banking services.

The U.S. Treasury anticipates continued growth in the stablecoin market, though it warns of potential challenges ahead.

Despite its success, Tether faces rising competition in the stablecoin market, particularly from Ripple's new stablecoin RLUSD and upcoming EU regulations.

Tether is currently under investigation by the US Attorney's Office in Manhattan for potential misuse of its platform, although Ardoino has denied any federal probe.

The company has faced allegations of a U.S. criminal investigation regarding potential sanctions violations, which it has also denied, asserting compliance with U.S. laws.

Tether's investment arm has expanded its portfolio to $7.7 billion, with investments in sectors such as renewable energy and artificial intelligence.

As Tether celebrates its 10th anniversary, it has significantly increased its market share, particularly following the heightened regulatory scrutiny after the FTX collapse.