%Stablecoin issuer %Tether (CRYPTO: $USDT) has reported a $2.5 billion U.S. profit for this year’s third quarter.
The Q3 profit lifts Tether’s year-to-date profit to $7.7 billion U.S. as the market capitalization of its related %Cryptocurrency USDT approaches $120 billion U.S.
The company also reported that it now holds more than $100 billion of U.S. Treasuries, which are used to back its stablecoin.
In all, Tether disclosed $125.5 billion U.S. of assets in reserve against $119.4 billion U.S. in liabilities for the third quarter ended on Sept. 30.
Excess reserves backing Tether’s stablecoins rose to over $6 billion in the period.
Some $105 billion of the reserve assets were held in cash, including $84.5 billion in U.S. Treasury bills. The company also held $5 billion U.S. worth of gold and $4.8 billion of %Bitcoin (CRYPTO: $BTC).
Tether Investments, the group’s venture arm that allocates money to energy, mining and %ArtificialIntelligence (A.I.), had a net equity value of $7.7 billion U.S. at the end of Q3.
Tether’s USDT stablecoin is the third biggest crypto by market capitalization and serves as the main form of liquidity on crypto exchanges, and as a payment method in emerging markets.
Media reports over the past week allege that Tether is under U.S. criminal investigation for possible violations of sanctions and anti-money-laundering laws.
The company has disputed the media reports and denies any wrongdoing.
