Hello!
Yesterday Paolo Ardoino the CEO of Tether, the number 1 stablecoin by marketcap (ticker USDT) published the results of Tether for the year 2024. Hint: They are insane results! One of the most profitable businesses in the entire world:
- $13.7 billion profit for year 2024
- ~$6 billion profit for Q4 2024
- $113 billion in direct and indirect holdings
- $7 billion in Tether's excess stablecoin reserves (36% increase YoY), on top of the 100% reserves in liquid assets that back all issued tokens
- $23 billion USDt issued in Q4 2024
- Total issuance of $45 billion USDt for year 2024 which represents almost the entire market cap of the second largest stablecoin
Another BIG milestone:
In 2024 Tether USDt reached the impressive milestone of 400 million users globally, mostly distributed among emerging markets and developing countries.
You can have a look at the Tether attestation report clicking on this link: https://tether.io/news/tether-hits-13-billion-profits-for-2024-and-all-time-highs-in-u-s-treasury-holdings-usdt-circulation-and-reserve-buffer-in-q4-2024-attestation/
And here the consolidation financial figures: https://assets.ctfassets.net/vyse88cgwfbl/6L2yLNnLltcCP6ZcTxJrll/aea0ec279fea08637445c8be57f63d87/ISAE_3000R_-_Opinion_on_Tether_Consolidated_Financials_Figures_31.12.2024.pdf
From the last report the most interesting chart:
And for all the USDT fudsters here is the important information from the report, they have EXCESS RESERVES!
The liabilities of the companies issuing Tether amount to 143 billions.
The value of the assets composing the reserves as of 31 december 2024 exceed the value of the liabilities by 7 billion dollars.
They keep thriving, and the best part is that they are buying Bitcoin with their profits!
Posted Using INLEO
This is insane considering that they only have around 100 employees 😱. This proves that crypto-fi has a very efficient way of handling digital money with few resources.
This is good news for this space. thanks for sharing!
Yes, it's amazing what they have done! Future looks bright for those who can see.
Have a great weekend my friend.
I've been seeing the FUD on Twitter, but I honestly think the mob will FUD anything. Perhaps this will clear the doubts
Have you seen that crypto.com is delisting USDT (and others) because of MiCA? I wonder what else will MiCA affect.
And with all that... the EU decides to ban them. Hope Mica is not just more hindrance to evolution, as it has been the case with a good part of european legislation.
Europe is lagging. They are killing innovation and shooting it's own feet.
I hope they change this direction soon.
Yep, legislation and clear directions is good but too much is too much; let's see what will the next months bring, especially with the US changes!