Tether makes more profits

Tether reported net income of $13 billion in 2024, according to a fourth-quarter filing reviewed by BDO.

CEO Paolo Ardoino explained that the company recorded $6 billion in profit in the last quarter of the year, and the company’s direct and indirect exposure to U.S. Treasuries reached a record high of $113 billion.

The company also issued $23 billion in USDT in the fourth quarter, bringing its annual issuance total to $45 billion, and its excess reserves increased to $7 billion, up 36% during the year.

Following the financial results announcement, Ardoino indicated via X that Tether intends to launch new products in the areas of artificial intelligence, communications, and education.

Despite issuing quarterly performance reports, Tether continues to face scrutiny regarding the transparency of its reserves and the use of USDT in some controversial financial activities.

However, Tether remains the largest stablecoin on Ethereum by market share, recording $55.5 billion in 24-hour trading volume at press time.