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Jan 31, 2025, 3:26\u202fp.m. UTC<\/span><\/p>\n<\/div>\n Tether, the crypto company behind the largest stablecoin USDT, said<\/a> on Friday it generated $13 billion group-wide net profits last year in a record-breaking year.<\/p>\n Some $7 billion of the profits derived from the firm’s vast U.S. Treasuries and repo holdings, and $5 billion from unrealized appreciation of the company’s gold and bitcoin (BTC) holdings. Other investments contributed $1 billion.<\/p>\n According to the company’s latest quarterly attestation signed by accounting firm BDO Italy, the group’s stablecoin issuer arms Tether International Limited and Tether Limited disclosed $143.7 billion of assets in reserve against $136.6 billion in liabilities, adding up to $7 billion of excess reserves backing its stablecoins. Treasury bills in the reserve rose to $94.5 billion.<\/p>\n The group also increased its bitcoin holdings last quarter for the first time since March, holding nearly 84,000 BTC worth about $7.8 billions as of year-end, according to the attestation.<\/p>\n Read more: Tether Brings Its $140B USDT Stablecoin to Bitcoin and Lightning Networks<\/a><\/em><\/strong><\/p>\n Tether’s USDT is the fourth-largest cryptocurrency with its $140 billion market capitalization, and a key piece of infrastructure for digital asset trading and increasingly popular in developing regions for payments, remittances and savings in U.S. dollars. However, several<\/a> exchanges<\/a> have delisted or announced to suspend USDT for EU users recently due to MiCA regulations, spurring a decrease<\/a> in the token’s supply.<\/p>\n The firm this year announced plans to move its headquarters<\/a> to El Salvador, the bitcoin-friendly nation state in Central America that has become an emerging hub for crypto firms under President Nayib Bukele’s leadership.<\/p>\n<\/div>\n