Tether reported a $13.7 billion 2024 result as its reserve buffer reached $7.1 billion

Tether Holdings released a BDO Italia assurance report on January 31, 2025 showing that the assets assigned to back its fiat-denominated tokens exceeded the issuing companies’ liabilities by $7.087 billion at 11:59 p.m. UTC on December 31, 2024. The same management-prepared report recorded a $13.724 billion group financial result for 2024. For a company whose USDT token functioned as core dollar liquidity across crypto markets, the disclosure connected stablecoin growth to a balance sheet increasingly tied to U.S. government debt.

The central fact is narrower than Tether’s promotional headline. BDO provided reasonable assurance over a consolidated financial-figures and reserves report prepared under management’s stated criteria. It was not a conventional set of full financial statements, and the report said its accompanying notes were outside the assurance scope.

What the January 31 record showed

The report listed $143,704,755,547 of reserve assets for fiat-denominated Tether tokens and $136,617,485,006 of liabilities at the token-issuing companies. Of those liabilities, $136,613,782,874 related to issued digital tokens. Subtracting issuer liabilities from reserve assets gives $7,087,270,541, exactly matching the disclosed excess-reserve figure.

At group level, the table reported $157.593 billion of assets, $137.563 billion of liabilities and $20.030 billion of equity. Its change-in-equity schedule showed a $13.724 billion financial result during 2024, alongside $11.695 billion of dividend distributions and $10.996 billion of capital injections. Those group figures must not be confused with the narrower pool backing fiat-denominated tokens: Tether Investments and other reported entities were consolidated at group level but excluded from token reserves.

The reserve composition was also material. It included $94.472 billion of U.S. Treasury bills, $14.102 billion of overnight reverse-repurchase agreements, $3.077 billion of term reverse repos and $6.506 billion of money-market funds. The report separately identified $4.802 billion of indirect Treasury-bill exposure through those funds and $14.083 billion of Treasuries collateralizing overnight repos. Together with direct bills, that supports Tether’s contemporaneous statement that direct and indirect Treasury exposure exceeded $113 billion, although the categories are not all direct ownership of securities.

Why it mattered

The disclosure illustrated the economics of a large stablecoin issuer in a high-interest-rate environment. Users supplied dollar liabilities through token issuance, while a large portion of reserves sat in short-dated government instruments and Treasury-backed transactions. Tether attributed $7 billion of its 2024 result to Treasuries and repo agreements, about $5 billion to unrealized gains on gold and bitcoin, and another $1 billion to other traditional investments. Those attributions came from Tether’s January 31 announcement; they were not separately presented as audited profit segments in BDO’s report.

The report also showed that reserve quality could not be reduced to one headline number. Beyond cash equivalents and short-term deposits, the pool included $5.319 billion of precious metals, $7.858 billion of bitcoin, $3.985 billion of other investments and $8.194 billion of secured loans. That mix provided a disclosed asset surplus but exposed the reserve pool to market, valuation, credit and liquidity considerations that differed by asset.

What the evidence did not establish

BDO’s work covered the point-in-time balances at 11:59 p.m. UTC on December 31, 2024. It explicitly provided no assurance for any other date or time, and it did not assure management’s going-concern assessment. Valuations assumed normal trading conditions rather than stressed liquidation, while three civil proceedings carried no provision because management and counsel said their outcomes could not be reliably estimated.

Accordingly, the January 31, 2025 record verified the reported snapshot and the accounting result under the stated criteria. It did not prove continuous backing between reporting dates, redemption performance during a market shock, or the realizable value of every asset under extraordinary conditions. Those remained questions for subsequent attestations, a full financial-statement audit and observable redemption data.