Tether Reports $13B Profit in 2024, Expands US Treasury Holdings

Tether recorded an unprecedented $13 billion in profits last year, fueled by the increasing demand for its USD-pegged stablecoin, USDT.

The company now holds approximately $113 billion in US government bonds, reinforcing its claim that each USDT is backed by liquid dollar-denominated assets.

By the end of 2024, USDT’s market capitalization reached $137 billion, while Tether’s total reserves exceeded $143 billion, according to an independent attestation by BDO. The firm’s net equity stands at $20 billion, reflecting its strong financial position. Throughout the year, Tether issued $45 billion in new USDT, with $23 billion minted in the fourth quarter alone.

In addition to government bonds, Tether has expanded its holdings in Bitcoin and gold, with crypto investments contributing $5 billion to its annual earnings. The company also secured a digital asset service provider license in El Salvador, establishing its headquarters in the country.

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Beyond stablecoins, Tether is diversifying its focus, directing profits toward sustainable energy, Bitcoin mining, AI infrastructure, telecommunications, neurotechnology, and education.

Despite its financial success, USDT’s market dominance declined to 65% in 2024, as competition from Circle’s USDC intensified. USDC’s market cap reached $52 billion, with a strong presence on Solana, where it now represents 78% of the stablecoin supply. USDT’s position in centralized exchanges remains firm, holding 82% of the market, but concerns over Tether’s compliance with European crypto regulations have contributed to USDC’s rising influence.

Alexander Stefanov