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The Defiant 2025-01-31 20:00:34

Tether Reports $13 Billion Profit for 2024, Boosts U.S. Treasury Holdings to $113 Billion and Expands to El Salvador

Tether Reports $13 Billion Profit for 2024, Boosts U.S. Treasury Holdings to $113 Billion and Expands to El Salvador

Tether Holdings Limited reported a record-breaking net profit of $13 billion for the year 2024, with $6 billion of that profit generated in the fourth quarter, according to its attestation conducted by BDO. The company's total assets reached $157.6 billion, with liabilities amounting to $137.6 billion. Tether's reserves for its issued tokens stood at $143.7 billion, exceeding the liabilities of the token-issuing companies by $7.1 billion. The firm's exposure to U.S. Treasuries reached an all-time high of $113 billion in direct and indirect holdings, positioning Tether among the largest holders of U.S. Treasuries globally. Additionally, Tether's excess reserve buffer surpassed $7 billion, marking a 36% increase year-over-year. The company also issued $45 billion in new USD₮ tokens throughout 2024, contributing to its significant growth. Tether's unrealized gains from gold and Bitcoin holdings, which included nearly 84,000 BTC, contributed $5 billion to the annual profit, while U.S. Treasuries and repo agreements added $7 billion. The company's equity surpassed $20 billion, reflecting its strategic investments in sectors such as renewable energy, Bitcoin mining, AI, telecommunications, and education. To continue reading this as well as other DeFi and Web3 news, visit us at thedefiant.io

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