Tether, the company behind the popular stablecoin USDT, reported impressive profits of $13 billion for the last year. This marked a record year for the firm.
A significant portion of these profits, about $7 billion, came from their extensive holdings in U.S. Treasuries and repurchase agreements. Additionally, the company earned $5 billion from the increased value of its gold and bitcoin investments. Other investments contributed another $1 billion to the total.
According to a recent report from BDO Italy, Tether’s two main arms, Tether International Limited and Tether Limited, revealed that they have $143.7 billion in assets. This is against $136.6 billion in liabilities, resulting in $7 billion in excess reserves that back their stablecoins. Their reserve of Treasury bills has also grown to $94.5 billion.
In the last quarter, Tether increased its bitcoin holdings for the first time since March, now owning nearly 84,000 BTC, valued at around $7.8 billion by the end of the year.
USDT is currently the fourth-largest crypto, boasting a market cap of $140 billion. It plays a vital role in digital asset trading and is increasingly used in developing regions for payments, remittances, and savings in U.S. dollars.
