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Tether: in 2024 profits above $13 BILLION
By Davide Grammatica
Tether's adjusted net profits in 2024 exceeded $13 billion ($6 bn in Q4 alone). Exposure to U.S. government bonds exceeds $113 billion
Tether's numbers
As reported in the Q4 2024 Financial Statements and Year-EndAttestation Report, Tether, the issuer of the USDT stablecoin , exceeded $6 billion in net profits, totaling $13 bn in reference to the full year.
The report also points to direct and indirect exposure to U.S. government bonds that exceeded $113 billion, in addition to the issuance of $23 billion in USDT that brings the 2024 total to $45 billion.
Not a bad year, in short, and one that would also allow the issuer to engage in projects outside the stablecoin-only sector. In fact, as pointed out by CEO Paolo Ardoino, Tether plans to launch new products related to AI, telecommunications and education.
Tether is now the largest stablecoin on the market, with 24-hour trading volume coming in at an average of $55.5 billion. Its capitalization, on the other hand, is now close to $140 billion, at its all-time high.
Tether just released the attestation for Q4 2024.
Highlights as of 31st December 2024:
– $13.7 billion profit for year 2024
– ~$6 billion profit for Q4 2024
– $113 billion in direct and indirect holdings
– $7 billion in Tether’s excess stablecoin reserves (36% increase YoY),… https://t.co/izYONstKuF— Paolo Ardoino 🤖🍐 (@paoloardoino) January 31, 2025
More trouble for USDT
Despite Tether’s record, it is precisely the first of the stablecoins to face, at this precise moment in history, the greatest regulatory problems, especially in Europe.
Just today, several exchanges starting with Crypto.com have “delisted” the stable, guilty of not meeting the requirements for “E-Money Token” and thus not being compilant with MiCA.
The EU market for USDT however, is a very small percentage of Tether’s business which seems to have no intention of adapting to the regulations.
A bad thing? A good thing? As reported by CEO Paolo Ardoino, MiCA’s requirement to hold 60 percent of reserves in EU banks is too much of a risk.
