Tether Records $13 Billion Profit for 2024, Boosted by All-Time Highs in Bitcoin and U.S. Treasury Holdings

Last year was a great one for the crypto market, which saw strong price increases, including Bitcoin breaking the $100,000 mark for the first time. With Donald Trump winning the elections and becoming the first U.S. president to be a supporter of cryptocurrency, many crypto-related companies earned significant profits. Among them, Tether, the company behind the largest stablecoin, USDT, announced today that it made a record $13 billion in net profits across the group last year.

Tether Issued Over $23 Billion USDT in Q4

Tether Holdings Limited has published its fourth-quarter assurance report for 2024, prepared by BDO, a top global independent accounting firm. This latest verification confirms the accuracy of Tether’s Consolidated Reserves Report (CRR) and details the assets held in reserve for the tokens issued as of December 31, 2024.

Following a strong year, the fourth quarter saw Tether achieve several record highs. The company’s yearly net profits soared past $13 billion, and its group equity increased beyond $20 billion. This growth shows Tether’s dominance and its investment focus on rising sectors like renewable energy, Bitcoin mining, AI, telecommunications, and education.

Also read: Tether Expands USDT to Bitcoin and Lightning Network

A major highlight from the quarter is Tether’s increased investment in U.S. Treasuries, which reached an all-time high of $113 billion in direct and indirect holdings. This makes Tether one of the largest global holders of U.S. Treasuries.

Furthermore, for the first time, Tether’s reserve buffer exceeded $7 billion, a 36% increase over the year.

The fourth quarter also saw Tether issue more than $23 billion in USDT, making a total of $45 billion for the year. This total issuance is nearly equivalent to the entire market cap of the second-largest stablecoin USDC.

Bitcoin’s ATH Brings Billions in Profit for Tether

Tether achieved these milestones while also getting advantages from its investments in gold and rising Bitcoin prices, which saw unrealized profits of about $5 billion for the year. Additionally, investments in treasuries and repurchase agreements contributed $7 billion, and other traditional investments added another $1 billion.

Tether increased its bitcoin holdings last quarter for the first time since March, holding nearly 84,000 BTC worth about $7.8 billions as of year-end, according to the attestation.

Tether’s USDT ranks as the fourth-largest cryptocurrency with a market capitalization of $140 billion. It’s a crucial part of the crypto asset trading infrastructure and is becoming increasingly popular in developing areas for making payments, sending remittances, and saving in U.S. dollars.

However, due to new MiCA regulations in the EU, several exchanges have either delisted USDT or announced plans to stop offering it to EU users, which has led to a decrease in the token’s supply.

This year, the company also announced its plans to relocate its headquarters to El Salvador. This Central American country, led by the bitcoin-friendly President Nayib Bukele, is becoming a growing hub for crypto firms.