Tether Records $13 Billion Profit in 2024
04 Feb, 2025 ● Coin news
Tether, the company behind the USDT stablecoin, reported record profits of $13 billion in 2024 and now holds its largest-ever reserve of U.S. government bonds, according to a Jan. 31 announcement.
The company stated that its U.S. Treasury holdings are now valued at approximately $113 billion.
This increase reflects the rising demand for the USDT stablecoin, which Tether claims is fully backed 1:1 with liquid assets denominated in U.S. dollars.
As of Dec. 31, the total market capitalization of USDT was around $137 billion, slightly lower than Tether’s total reserves, which exceeded $143 billion.
These figures are based on an attestation from independent accounting firm BDO.
In July, Tether noted that its Treasury reserves surpass those of all but 17 governments worldwide, including Germany, the United Arab Emirates, and Australia.
The company also holds Bitcoin and gold, which contributed to $5 billion of its profits in 2024.
Tether’s consolidated net equity—representing total assets minus liabilities—stands at $20 billion.
The company issued approximately $23 billion in USDT during the fourth quarter of 2024 and $45 billion throughout the year.
The stablecoin is continuously issued and redeemed.
In 2024, Tether secured a stablecoin issuer and digital asset service provider license in El Salvador, where it has since established its headquarters.
The company has also been reinvesting part of its profits into various industries, including sustainable energy, Bitcoin mining, data and AI infrastructure, peer-to-peer telecommunications, neurotechnology, and education.
USDT’s market share declined in 2024, dropping to around 65% as USDC gained more traction, according to CCData.
However, it remains the dominant stablecoin on centralized exchanges, holding 82% of the market share.
As of Jan. 31, Circle Internet Financial’s USDC had a market capitalization of roughly $52 billion, according to Cointelegraph data.
On the Solana network, USDC is the leading stablecoin, accounting for nearly 78% of the total stablecoin supply.
USDC has been steadily gaining ground against USDT since December, partly due to concerns about Tether’s compliance with the European Union’s Markets in Crypto-Assets (MiCA) regulatory framework, which aims to standardize and oversee the cryptocurrency market.
Sources:
https://cointelegraph.com/news/tether-13-billion-2024-profits-t-bill-holdings-all-time-highs
