{"id":364790,"date":"2025-02-02T12:59:41","date_gmt":"2025-02-02T07:29:41","guid":{"rendered":"https:\/\/dripp.zone\/news\/?p=364790"},"modified":"2025-02-02T12:59:41","modified_gmt":"2025-02-02T07:29:41","slug":"stablecoin-giant-tether-reports-record-profits-ahead-of-bitcoin-rollout-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/stablecoin-giant-tether-reports-record-profits-ahead-of-bitcoin-rollout-crypto-news\/","title":{"rendered":"Stablecoin Giant Tether Reports Record Profits Ahead of Bitcoin Rollout – Crypto News"},"content":{"rendered":"
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Tether<\/a>, the world\u2019s largest stablecoin issuer, reported over $13 billion in profit for 2024 on Friday, marking a groundbreaking milestone for the crypto firm.\u00a0<\/span><\/p>\n

In just a year, Tether has apparently managed to more than double its then-astonishing 2023 profit of $6.2 billion.\u00a0<\/span><\/p>\n

For context, the upstart crypto company\u2019s profitability is now within striking distance of some of Wall Street\u2019s most prestigious firms. Earlier this month, Goldman Sachs reported a 2024 profit of <\/span>$14.28 billion<\/span><\/a>\u2014within 10% of the earnings posted by Tether this morning.<\/span><\/p>\n

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Tether Hits $13 Billion Profits for 2024 And All-Time Highs in U.S. Treasury Holdings, USD\u20ae Circulation, and Reserve Buffer in Q4 2024 Attestation
Read more: https:\/\/t.co\/1CRfIK5XR0<\/a><\/p>\n

\u2014 Tether (@Tether_to) January 31, 2025<\/a><\/p>\n<\/blockquote>\n<\/div>\n

As stablecoins have come to prominence in the global economy\u2014as an increasingly crucial link between traditional finance and the booming crypto market\u2014Tether has reaped the greatest rewards. The firm\u2019s dollar-backed stablecoin, <\/span>USDT<\/span><\/a>, is by far the most popular of its kind, with a market capitalization in excess of $139 billion.<\/span><\/p>\n

Issuing a stablecoin can be a tremendously profitable enterprise at scale, as Tether\u2019s success has shown. To keep USDT steady at its dollar peg, the company holds tens of billions of dollars worth of fiat collateral\u2014primarily in the form of U.S. Treasuries, which typically reap a few percentage points of interest annually.\u00a0<\/span><\/p>\n

That interest can clearly rack up at the size of Tether\u2019s operation. On Friday, the company reported that as of the end of 2024, it held over $143 billion worth of fiat assets in reserve to cover the roughly $137 billion worth of tokens it had in circulation at that point.\u00a0<\/span><\/p>\n

\u201cTether\u2019s Q4 2024 attestation reinforces our position as a global leader in financial transparency, liquidity, and innovation,\u201d the company\u2019s CEO, Paolo Ardoino, said in a statement. \u201cTether continues to set the gold standard for stability and trust in the digital assets space.\u201d<\/span><\/p>\n

On Thursday, Ardoino announced onstage at a Bitcoin<\/a> conference in El Salvador that USDT will soon be available on Bitcoin\u2019s base layer and <\/span>Lightning<\/span><\/a>, a Bitcoin scaling network. The integration\u2014a major milestone joining two of the most dominant forces in crypto\u2014is likely to only further boost Tether\u2019s centrality to global finance.\u00a0<\/span><\/p>\n

With the company\u2019s ascendance has also come increased scrutiny. USDT is popular not just among retail and institutional users, but <\/span>criminal organizations<\/span><\/a> as well\u2014a detail that has not gone unnoticed by <\/span>American lawmakers<\/span><\/a>.<\/span><\/p>\n

Earlier this week, President Donald Trump\u2019s nominee for Commerce Secretary, Howard Lutnick, <\/span>faced questions<\/span><\/a> during his confirmation hearing over the current lack of government oversight over Tether\u2019s fiat reserves.\u00a0<\/span><\/p>\n

Lutnick\u2019s Wall Street firm, Cantor Fitzgerald, says it custodies billions of dollars worth of U.S. Treasuries for the crypto company\u2014but no external auditor has yet verified that claim, or those assets, themselves.
<\/span><\/p>\n

Edited by Andrew Hayward<\/a><\/i><\/p>\n

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Tether, the world\u2019s largest stablecoin issuer, reported over $13 billion in profit for 2024 on Friday, marking a groundbreaking milestone for the crypto firm.\u00a0 In just a year, Tether has apparently managed to more than double its then-astonishing 2023 profit of $6.2 billion.\u00a0 For context, the upstart crypto company\u2019s profitability is now within striking distance […]<\/p>\n","protected":false},"author":2,"featured_media":148988,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[230,225,221,227,226,228,229,60,223,224,222],"class_list":["post-364790","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptocurrency","tag-brave","tag-coinbase","tag-crypto","tag-decentralised","tag-decentralized","tag-decentralized-exchange","tag-erc-20","tag-featured","tag-meme-coin","tag-robinhood","tag-solana"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/364790","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=364790"}],"version-history":[{"count":3,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/364790\/revisions"}],"predecessor-version":[{"id":364793,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/364790\/revisions\/364793"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/148988"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=364790"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=364790"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=364790"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}