Stablecoin giant Tether has reported a record-breaking $13 billion profit for 2024, more than doubling its 2023 earnings of $6.2 billion, putting the company’s profitability within 10% of Goldman Sachs, which posted $14.28 billion in profit for the same year.
Tether Hits $13 Billion Profits for 2024 And All-Time Highs in U.S. Treasury Holdings, USD₮ Circulation, and Reserve Buffer in Q4 2024 Attestation
Read more: https://t.co/1CRfIK5XR0— Tether (@Tether_to) January 31, 2025
Paolo Ardoino, Tether’s CEO, remarked:
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.
Tether’s USDT Dominating The Stablecoin Market
USDT remains the dominant force in the stablecoin sector with a market capitalization of $136 billion, outranking Circle’s USDC, which holds just one-third of USDT’s size, $53 billion.
Stablecoin market cap pie. Source: Defillama
CoinGecko data shows USDT market cap has already surged to $140 billion in January, an additional $4 billion in new USDT issuance in just one month.
On that topic, USDT will now be accessible on the Bitcoin lightning network, a scalability solution for Bitcoin, and a decentralized network. This integration is expected to broaden the blockchain’s utility in remittances, microtransactions, and cross-border payments.
Read more: Grayscale Files for Spot XRP ETF Listing on NYSE
According to the company, USDT will be functional on Bitcoin’s base layer and the Lightning Network. The move was enabled by Taproot Assets, a protocol developed by Lightning Labs, in an attempt to enhance Bitcoin’s scalability, speed, and usability in financial transactions.
All of these developments come amid a series of bad news gripping the company, including the delisting of the USDT token on Crypto.com due to MiCA laws in the European Union.
Tether also dropped support for EURT as MiCA regulations were fully enforced in Europe, leading to several crypot exchanges to seek a license in Malta.
