In a remarkable demonstration of resilience, Tether, the leading stablecoin, has maintained its stronghold in the cryptocurrency market amidst various challenges. Even in light of recent investor anxiety triggered by a European Union ban, Tether has weathered the storm, showcasing its stability and attracting attention from market participants who may have faltered under pressure.
What Did Tether’s Recent Audit Reveal?
The latest reserve audit, conducted by the prestigious firm BDO, has been made public on Tether’s official platform. This audit highlights a phenomenal year for Tether, with the final quarter achieving unprecedented net profits exceeding $13 billion, marking the company’s highest earnings period to date.
How Is USDT Performing in the Market?
During the last quarter, the circulating supply of USDT surged by $23 billion, reflecting a significant influx of liquidity into the market. While altcoin valuations have remained relatively stable, the demand for USDT has notably risen. Over the course of 2024, USDT issuance increased by $45 billion, closely matching the combined value of the next largest stablecoin.
– Tether’s total assets now stand at $157.6 billion, while its reserve obligations for USDT tokens are at $137.6 billion.
– The company holds a reserve of $143.7 billion for circulating USDT, indicating robust financial health.
– CEO Paolo Ardoino emphasized Tether’s commitment to transparency and innovation with over $113 billion in U.S. Treasury assets and a reserve surplus exceeding $7 billion.
The strong performance and increased asset holdings place Tether in a pivotal position within the digital asset landscape, reinforcing its reputation as a leader in financial stability and trust. As Tether continues to thrive, its strategic investments and sound financial practices are likely to shape the future of stablecoins and their role in the broader cryptocurrency ecosystem.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.
Source: https://en.bitcoinhaber.net/tether-achieves-record-growth-in-2024