Tether, issuer of the $USDt stablecoin, reported record profits of $13 billion in 2024 and now holds its largest-ever reserve of U.S. government bonds, according to a January 31 2025 announcement.
Bloomberg News described Tether’s $13 billion profit as an ‘eye-popping’ figure, noting that it places the company in the same league as Goldman Sachs, one of top 5 largest banks in the United States. For comparison, Goldman Sachs reported $14.3 billion in net income in 2023, with $53.5 billion in revenue.
Tether’s U.S. Treasury portfolio is now valued at approximately $113 billion, reflecting the growing adoption of its USDt stablecoin.
As of December 31 2024, $USDT’s total market capitalization stood at roughly $137 billion, slightly less than Tether’s total reserves of over $143 billion, according to an attestation by BDO, an independent accounting firm.
In July 2024, Tether said that its Treasury holdings surpass those of all but 17 national governments, including Germany, the UAE, and Australia. In addition to Treasuries, Tether holds gold and Bitcoin, with Bitcoin alone contributing $5 billion in profits in 2024.
MILESTONE | #Tether Reports Record Breaking $5.2 Billion in Profits in First Half of 2024
“Tether’s management decided to keep $5.33 billion in Excess Reserves as part of the stablecoin reserves (on top of the 100% reserves that are backing all issued tokens) to further protect… pic.twitter.com/FJq0r5o4T8
— BitKE (@BitcoinKE) August 2, 2024
The company’s consolidated net equity – total assets minus liabilities – stands at $20 billion. Tether issued approximately $23 billion in USDT in Q4 2024 and $45 billion for the full year, with USDT being continuously issued and redeemed.
“Tether’s Q4 2024 attestation reinforces our position as a global leader in financial transparency, liquidity, and innovation.
With U.S. Treasury holdings surpassing $113 billion, a reserve buffer exceeding $7 billion, and $45 billion in new token issuance for the year, Tether continues to set the gold standard for stability and trust in the digital assets space,’ said Paolo Ardoino, CEO of Tether.
“The Group Equity surpassed $20 billion. Our licensing milestone in El Salvador and investments in transformative sectors further highlight our unwavering commitment to driving financial inclusion and resilience.”
In December 2024, Tether said USDT wallets have increased 71% in the past year and 129% the year before, driven primarily by wallets holding less than $1,000. The growth is largely fuelled by adoption in emerging markets, including Africa.
STABLECOINS | Majority of New $USDT Users Are Coming from Emerging Markets, Including African Cities, Says a Bloomberg Analysis
According to Ardoino, Tether has just over 300 million users globally.https://t.co/DQz6v1xCHi @Tether_to @paoloardoino pic.twitter.com/jXthoNYyGt
— BitKE (@BitcoinKE) November 6, 2024
According to Tether, centralized platforms remain a vital part of the ecosystem, hosting 86 million accounts that have received on-chain USDT deposits. Exchanges on these platforms attracted 4.5 billion web visits during the first three quarters of 2024.
As reported by BitKE in December 2024, 46% of these visits originated from emerging markets, where users often depend on $USDT for saving, transacting, and managing financial challenges. In many instances, users handle all activities – buying, holding, and sending – exclusively within these platforms.
REPORT | Almost Half of All $USDT Transactions in 2024 Originated from Emerging Markets, Says Q4 2024 @Tether_to Report
Wallet data reveals that 18.7 million accounts hold balances of less than $1, while another 31.5 million hold between $1 and $1,000https://t.co/dWLTEYuXzN pic.twitter.com/UbRRpeLRt7
— BitKE (@BitcoinKE) December 12, 2024
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