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