Tether (USDT) circulation has increased to $120 billion, marking a 30% increase by 2024.
Tether’s Bitcoin and gold holdings have increased to $4.8 billion and $5 billion, respectively.
Tether’s net worth has doubled to $14.2 billion as it faces ongoing legal challenges.
Tether has announced a substantial increase in its Bitcoin and gold reserves, as detailed in its latest Consolidated Financial Figures and Reserves Report for Q3 2024.
Tether’s Bitcoin holdings have reached an impressive $4.8 billion, while its gold reserves are now $5 billion, reflecting the company’s strategy to bolster its asset base amid growing global demand for its stablecoin, USDT.
USDT Circulation Increases 30%
This quarter was particularly notable for Tether, as USDT circulation soared to a record $120 billion, representing a 30% increase in 2024.
This increase totals $27.8 billion so far this year and brings Tether’s market cap close to that of its competitor, Circle’s USDC, which currently stands at $35 billion, according to data from CoinGecko.
Tether’s growth is indicative of the growing reliance on stablecoins within the cryptocurrency ecosystem, driven by increased market adoption and confidence.
Tether Expands Holdings of US Treasuries
In addition, Tether has significantly expanded its holdings of US Treasuries, which now amount to $84.5 billion, making up the largest segment of its reserves. This strategic move has contributed to Tether’s strong financial health, with net assets doubling to $14.2 billion from $7 billion at the end of 2023.
In addition, through its subsidiary, Tether Investments Limited, the company manages an additional $7.7 billion in assets across sectors such as sustainable energy, Bitcoin mining, and data infrastructure. However, these assets are not included in the reserves backing Tether tokens.
Despite its growth, Tether is currently embroiled in three civil litigation cases related to its holdings and operations. Notably, these cases include a class action lawsuit related to the 2017-2018 Bitcoin price crash, a lawsuit stemming from the Celsius bankruptcy, and a dispute over USDT in a wallet not controlled by Tether.
