Tether – the largest stablecoin issuer in the world – has just announced a record profit of 13 billion USD in 2024, more than double the 6.2 billion USD in 2023. This is an incredible milestone, bringing Tether closer to the profit levels of Wall Street giants like Goldman Sachs (14.28 billion USD in 2024).

Tether is dominating the stablecoin market

With the strong development of the crypto market and the growing demand for #stablecoin usage, Tether has seized the opportunity to expand its influence. USDT – the most popular stablecoin in the world – currently has a market capitalization of over 139 billion USD, playing a crucial role in connecting traditional finance with the cryptocurrency market.

Tether generates profits by holding tens of billions of USD in collateral assets, primarily U.S. Treasury bonds. These assets generate income from interest, and as Tether's scale grows, this figure increases significantly. Currently, the company reports holding 143 billion USD in reserve assets, exceeding the 137 billion USD USDT in circulation.

"Tether continues to set the gold standard for stability and transparency in the digital asset industry," said CEO #PaoloArdoino .

USDT will be available on Bitcoin

Not only has Tether achieved record profits, but it is also preparing to make a significant leap: bringing USDT to the Bitcoin network. According to Ardoino's announcement at a Bitcoin conference in El Salvador, USDT will soon operate on Bitcoin's base layer and the Lightning network.

This is an important milestone as it combines the two largest forces in crypto: Bitcoin and Tether. The integration of USDT on Bitcoin will enhance the use cases for this stablecoin and boost liquidity, reinforcing Tether's central position in global finance.

Tether still faces many controversies

Despite strong growth, Tether is also facing increasing scrutiny from U.S. lawmakers. USDT is not only popular with individual and institutional investors but has also been accused of being used by criminal organizations.

Recently, during the confirmation hearing for the U.S. Secretary of Commerce position, Howard Lutnick – nominee of President Donald Trump – was questioned about the lack of oversight regarding Tether's reserve assets. The financial company Cantor Fitzgerald, led by Lutnick, claims to be holding billions of USD in U.S. bonds for Tether, but no external audit has yet verified these assets.

Conclusion

Tether is asserting its position as the "kingpin" in the stablecoin sector with massive profits and plans to expand to Bitcoin. However, the company still faces increasing legal pressure. Will USDT continue to dominate the market or will it encounter obstacles from regulators? Let's wait and see! 🚀 #anhbacong