Tether, the company behind the largest stablecoin USDT, reported on Friday that it secured $13 billion in net profits across its group last year, marking a record-breaking performance.
- Approximately $7 billion of the profit was attributed to the firm’s U.S. Treasuries and repo holdings, while $5 billion stemmed from the unrealized gains of its gold and bitcoin holdings.
According to the company’s latest quarterly attestation signed by accounting firm BDO Italy, Tether’s entities reported $143.7 billion in assets against $136.6 billion in liabilities, resulting in $7 billion in excess reserves to back its stablecoins. Treasury bills in their reserves climbed to $94.5 billion.
For the first time since March, Tether increased its bitcoin holdings, now holding nearly 84,000 BTC, valued at roughly $7.8 billion as of the end of last year.
Read more: Tether Brings Its $140B USDT Stablecoin to Bitcoin and Lightning Networks
Tether’s USDT ranks as the fourth-largest cryptocurrency with a market capitalization of $140 billion, playing a crucial role in digital asset trading and earning popularity in developing regions for payments, remittances, and savings in U.S. dollars. However, several exchanges have recently delisted or announced the suspension of USDT for EU users due to MiCA regulations, leading to a decrease in the token’s supply.
This year, Tether has also announced plans to relocate its headquarters to El Salvador, a bitcoin-friendly nation that has emerged as a hub for crypto companies under the leadership of President Nayib Bukele.
