Tether reports $13 billion in net profits for 2024

Tether's profits for 2024 surpassed $13 billion, according to a fourth-quarter and year-end attestation published Friday that was reviewed by the independent accounting firm BDO. The firm's CEO Paolo Ardoino noted that Tether generated $6 billion in profit for Q4.

Tether also saw its direct and indirect exposure to U.S. Treasurys hit a record high of $113 billion. In the fourth quarter of 2024, it issued $23 billion in USDT, bringing the year-end total to $45 billion. The firm's excess reserve buffer also broke past $7 billion, marking a 36% increase in the past year. 

After commenting on the firm's performance, Ardoino wrote on the social media platform X that the stablecoin issuer plans to launch new products across artificial intelligence platforms, telecommunications, education and other areas. 

Though Tether has released prior  attestations of quarterly performance, the firm faced scrutiny regarding sufficient reserve backing as well as USDT's alleged use in illicit finance, The Block previously reported. 

Tether is the largest USD-pegged Ethereum-based stablecoin by market share. The token saw $55.5 billion in 24-hour trading volume as of publication time, The Block's USDT Price Page showed.