Tether books profit of $2.5 billion

The stablecoin giant Tether has announced its latest quarterly results, showing impressive gains.

The third quarter was extraordinarily successful for Tether. According to a recent report the company led by CEO Paolo Ardoino posted profits of $2.5 billion. Over the first nine months of the year, the stablecoin issuer's profits actually rose to more than $7 billion.

Much of these gains come from the sale of gold and U.S. government bonds. The company's flagship stablecoin USDT reached a new record in the third quarter with a circulating supply of $120 billion.

There has been frequent speculation about Tether's reserves in the past. The current report now shows that the company owns about $105 billion in cash, most of which (about $102.5 billion) is invested in U.S. government bonds. In addition, Tether holds 7,100 Bitcoin.

Meanwhile, Tether continues to expand its operations, with investments in Bitcoin mining, artificial intelligence and telecommunications, among others. The Wall Street Journal recently reported that U.S. authorities are investigating Tether.