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The issuer of the largest stablecoin in terms of capitalization, USDT, Tether received a net profit of more than $10 billion last year, representatives of the auditing firm BDO reported.
Over the past year, Tether has issued approximately 50 billion USDT. This is the second largest volume of USDT emission in the company’s history. The main increase in volume occurred in the second half of the year: about 30 billion USDT was issued due to high demand for US dollars from developing countries.
By December 31, the circulation volume of the world’s most popular stablecoin exceeded 186 billion tokens, setting a historical record. The number of asset users worldwide has reached 530 million, auditors said.
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The total value of Tether’s reserves reached $192.9 billion, while the company’s liabilities amounted to $186.6 billion, almost all of which ($186.5 billion) came from backing the issued tokens. The firm’s direct investments in US Treasuries exceeded $122 billion.
“This places Tether among the largest holders of US government debt on the planet and underscores the company’s growing role as an important conduit for meeting global dollar demand,” BDO analysts stated.
The total volume of the company’s investment portfolio amounted to $20 billion, including investments in energy, fintech, agriculture and other businesses.
Earlier, Tether CEO Paolo Ardoino said in an interview with Bloomberg that the company has become the world’s largest private owner of gold reserves. The volume of precious metal accumulated by the company amounted to almost 140 tons.
