Tether, the leading USD-pegged Ethereum-based stablecoin, reported a substantial net profit of $13 billion for 2024, as per the Q4 and year-end attestation report reviewed by independent accounting firm BDO on Friday.
CEO Paolo Ardoino disclosed that the fourth quarter alone garnered $6 billion in profit for Tether. The stablecoin behemoth’s direct and indirect exposure to U.S. Treasuries also reached an all-time high of $113 billion.
In Q4, Tether issued a hefty $23 billion in USDT, culminating in a year-end total of $45 billion. The company’s surplus reserve buffer also experienced a significant leap, surpassing $7 billion, which signifies a 36% year-over-year rise.
Ardoino, in a statement on social media platform X, also hinted at Tether’s expansion plans, which include introducing new offerings across platforms specializing in artificial intelligence, telecommunications, education, and more.
Despite releasing regular attestations of quarterly performance, Tether faced questions about adequate reserve backing and alleged usage of USDT in unlawful finance, as previously reported by The Block.
As of the time of writing, Tether’s 24-hour trading volume stands at a staggering $55.5 billion, according to data from The Block’s USDT Price Page.
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