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Tether, the issuer of the world’s largest U.S. dollar-pegged stablecoin USDT, said in an official blog post that third-quarter operating profit reached $1.5 billion.
According to Tether’s third-quarter reserves attestation report prepared by accounting firm BDO, cumulative net operating profit for the first three quarters of the year totaled about $4.5 billion. Over the same period, USDT issuance remained at around $184 billion. As of Sept. 30, according to the report, Tether held $191.4 billion in total reserve assets against $183.5 billion in total liabilities, leaving about $7.95 billion in excess reserves. That was nearly double from $4.1 billion at the end of the second quarter. The report also showed Tether’s direct and indirect holdings of U.S. Treasuries stood at $132.4 billion.