Tether Reports $13 Billion Profit in 2024 Driven by Investments
Tether, the issuer of the stablecoin USDT, reported a record net profit of $13 billion for last year. Key details include:
- $7 billion from U.S. Treasuries and repo holdings
- $5 billion from unrealized gains in gold and bitcoin holdings
- $1 billion from other investments
The latest attestation shows Tether's assets at $143.7 billion against liabilities of $136.6 billion, resulting in $7 billion in excess reserves for its stablecoins. Treasury bills in reserve increased to $94.5 billion.
As of year-end, Tether holds nearly 84,000 BTC valued at about $7.8 billion. USDT has a market capitalization of $140 billion, making it the fourth-largest cryptocurrency.
Despite its growth, USDT faces challenges in the EU, with several exchanges suspending its services due to MiCA regulations, leading to a decline in supply.
Tether plans to relocate its headquarters to El Salvador, a country supportive of cryptocurrency initiatives.