Tether increases Bitcoin and gold reserves in latest Q3 report

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Key Takeaways

Tether increased its Bitcoin and gold holdings to $4.8 billion and $5 billion respectively.
Tether’s net equity reached $14.2 billion in Q3 2024, up from $7 billion at the end of 2023.

Tether increased its Bitcoin and precious metals holdings in Q3 2024, bringing them to $4.8 billion and $5 billion, respectively, according to its latest Consolidated Financials Figures and Reserves Report.

The stablecoin issuer also significantly boosted its US Treasury Holdings to $102.5 billion, the largest portion of its reserves.

Building on a strong financial foundation, Tether’s net equity rose to $14.2 billion, doubling from $7 billion at the end of 2023.

This quarter, Tether’s USDT in circulation reached an all-time high of nearly $120 billion, driven by rising global demand.

With a 30% increase in 2024, adding $27.8 billion year-to-date, Tether’s issuance now stands close to the market cap of Circle’s USDC, which is at $35 billion according to CoinGecko data.

Through its separate entity, Tether Investments Limited, the company manages $7.7 billion in assets across sustainable energy, Bitcoin mining, and data infrastructure sectors. These investments are not included in the reserves backing Tether tokens.

The report disclosed three ongoing civil litigation proceedings against Tether Holdings Limited and its subsidiaries, though management has not recognized any provisions for these cases.

The first is a class action alleging claims related to the drop in Bitcoin’s price in 2017 and 2018. The second case arises from the Celsius bankruptcy, while the third involves a dispute between two parties over USDT held in a non-Tether controlled wallet.