Tether reported a $13 billion profit for 2024, driven by rising Bitcoin and gold prices. The company also increased its Bitcoin holdings for the first time since March, now holding nearly 84,000 BTC valued at around $7.8 billion by the end of the year.
The crypto firm behind USDT, the largest stablecoin, attributed $7 billion of its profits to U.S. Treasuries and repo holdings, while $5 billion came from unrealized appreciation of its Bitcoin and gold assets. Other investments contributed an additional $1 billion.
Tether’s latest quarterly attestation, verified by accounting firm BDO Italy, showed the company had $143.7 billion in assets backing its stablecoins, exceeding its $136.6 billion in liabilities by $7 billion. Treasury bills in reserves increased to $94.5 billion.
USDT remains the fourth-largest cryptocurrency, with a $140 billion market capitalization. It plays a key role in digital asset trading and is widely used in developing regions for payments, remittances, and savings in U.S. dollars. However, some exchanges, including Crypto.com and Kraken, have either delisted or announced plans to suspend USDT for EU users due to MiCA regulations, leading to a reduction in the token’s supply.