Tether, the issuer of the USD-pegged stablecoin USDT, announced record profits of $13 billion for 2024, showcasing its robust financial health.

The company's consolidated net equity reached $20 billion, with total consolidated assets amounting to $157.6 billion.

In the fourth quarter of 2024 alone, Tether issued approximately $23 billion in USDT, contributing to a total issuance of $45 billion for the year.

Despite not providing audited financial statements, Tether reported more than $7 billion in excess reserves, indicating a strong financial position.

As of the end of 2024, USDT's total market capitalization was about $137 billion, which is slightly below Tether's total reserves verified by an independent accounting firm.

To support global financial inclusion, Tether relocated its headquarters to El Salvador, where it obtained necessary licenses for stablecoin issuance.

This financial growth allows Tether to explore ventures beyond cryptocurrency, including potential innovations in artificial intelligence and telecommunications.

However, USDT's market cap dominance declined to approximately 65% in 2024, as competitors like USD Coin (USDC) gained traction.

As of early 2025, USDC commanded nearly 78% of the stablecoin supply on the Solana network, with a market capitalization of about $52 billion.

Tether continues to dominate centralized exchanges, holding 82% of the market share, despite scrutiny over its compliance with the EU's MiCA regulatory framework.

The company has faced criticism for its lack of audited financials, relying instead on quarterly attestations from accounting firm BDO.

Tether gained attention during a recent confirmation hearing for commerce secretary, highlighting the growing demand for stablecoins and its partnership with Cantor Fitzgerald.