Tether announced this Friday (31) record revenue in 2024. The company earned US$ 13 billion in annual net profits and US$ 113 billion in US Treasury shares.
CEO Paolo Ardoino is looking to the future with new areas of research and a proactive approach towards potential stablecoin legislation in the US.
Tether Report Shows Big Gains in 2024
Tether, the world’s leading stablecoin issuer, has seen record growth in 2024. Last December, MiCA severely curtailed the company’s operations in the European Union (EU), but this had little impact on its dominance. As such, USDT continues to dominate the stablecoin market by a large margin, and the annual financial report reflects this demand.
Tether’s latest report shows $13 billion in annual net profits and record US Treasury holdings. CEO Paolo Ardoino, however, is focused on the future:
In the coming months, we plan to launch several new products across all pillars of Tether: from AI platforms and applications to telecommunications, from new financial tools and services to broader educational efforts. Thank you all for your support. We are unstoppable together. Nothing else matters, said Ardoino.
Tether has over 400 million users
Ardoino’s optimistic comments reflect a number of changes at Tether. This month, the company relocated its main headquarters to El Salvador after receiving the relevant licenses in that jurisdiction. The report states that this move will support the company’s ambition to promote financial inclusion and innovation around the world.
Even before today’s financial report was released, there were clear signs that Tether was making big profits. In December, the company invested $775 million in Rumble while transferring $700 million worth of Bitcoin to the company’s reserves.
Tether’s investments hold $12.5 billion in assets, with excess stablecoin reserves accounting for the majority. By 2024, Tether USDT will reach an impressive milestone of 400 million users globally, mostly distributed across emerging markets and developing countries, Ardoino wrote.
In addition to these profits, the report also stated that Tether holds $113 billion in direct and indirect holdings from the U.S. Treasury. In December, the Treasury acknowledged the vital role of stablecoins in the growing crypto economy.
Tether's CEO anticipates new rules requiring stablecoins to place reserves in Treasuries, and he's taking a proactive approach.
Overall, the report reflects Tether’s exceptionally strong financial state. Some other notable figures include $157.6 billion in total consolidated assets and $45 billion in new token issuance. With resources like these, Tether has the flexibility to explore other ventures and business avenues beyond crypto.
The article Tether announces record profit of US$ 13 billion in 2024 appeared first on BeInCrypto Brasil.