Tether Reported a Net Profit of $13B 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.

Cryptocurrency stablecoin issuer Tether reported a net profit of $13 billion in 2024, largely driven by its U.S. Treasury holdings and other investments, according to an attestation.

Tether, the company behind the largest stablecoin (USDT) in the crypto market, disclosed a net profit of $13 billion for last year. This was driven by its various businesses, including the issuance of USDT.

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

Tether had increased its Bitcoin holdings to around 84,000 BTC by late last year, valued at nearly $8 billion. This marked its first Bitcoin purchase since March. According to the attestation, the remaining $1 billion in profits was derived from other investments.

Tether operates USDT, the leading stablecoin with a market cap of $140 billion, making the company a key player in crypto transactions. A U.S. Treasury study revealed that over 80% of crypto transactions involve a stablecoin like USDT.

However, USDT and its issuer face challenges in European markets due to shifting regulations. Tether has encountered difficulties complying with the European Union’s Markets in Crypto Assets Regulation framework, resulting in declining confidence among exchanges.

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

Tether has also shifted its base of operations to El Salvador after obtaining a crypto license from the pro-Bitcoin country. The entity plans to set up a headquarters in the BTC nation and allocate more resources to artificial intelligence.