Tether marks $13b profit in 2024, T-Bill holdings at ATH

Tether reported a net profit of $13 billion in 2024, driven by its businesses, including the issuance of USDT, the largest stablecoin in the crypto market.

Tether, the issuer of crypto’s biggest stablecoin (USDT), generated $13 billion in profits last year amid soaring digital asset adoption and a new all-time high in U.S. Treasury Bills held as reserves for its token.

On Friday, Jan 31, the company’s quarterly attestation provided by independent accounting firm BDO Italia showed $94.5 billion worth of T-Bills, a new record. Tether generated $7 billion in profits from its U.S. Treasury holdings and another $5 billion in unrealized earnings from Bitcoin (BTC) and gold investments.

Late last year, Tether increased its Bitcoin holdings to approximately 84,000 Bitcoin, valued at nearly $8 billion. This marked its first Bitcoin purchase since March. The remaining $1 billion in profits came from other investments, according to the attestation.

Tether operates USDT, the dominant stablecoin with a market capitalization of $140 billion. This makes the company a key player in crypto transactions. According to a U.S. Treasury study, over 80% of crypto transactions involve a stablecoin, such as USDT.

Despite its significance, USDT and its issuer face challenges in European markets due to regulatory changes. Tether has struggled to comply with the European Union’s Markets in Crypto Assets Regulation framework, leading to declining confidence among exchanges.

Several platforms, including Coinbase, have delisted USDT for European users pending changes in compliance.

Tether has also switched its base of operations to El Salvador after securing a crypto license from the pro-Bitcoin country. The entity plans to establish a headquarters in the BTC nation and invest more resources in artificial intelligence.