Tether claims bumper $13 billion haul in 2024, most-traded crypto title, CEO on US ‘goodwill tour’—All you need to know

Tether Holdings SA CEO Paolo Adroino who was the United States on a “goodwill tour” attending US President Donald Trump’s digital asset summit last week, has claimed the US Dollar-linked stable coin is now valued at $137 billion, according to a Bloomberg report.

Tether also claims the title of “most-traded crypto” and in 2024 alone, the token pulled in around $13 billion due to increasing popularity, it added.

Here’s how the comparatively lesser known crypto token drew in double digit billion of inflows, jumped its value and beat allegations of criminal use and scrutiny over reserves.

The Rising Popularity of Tether Stablecoin

The report noted that it is Tether‘s “rising popularity” that helped the stablecoin pull in “a bumper profit haul” of around $13 billion in 2024 and become the world’s most traded cryptocurrency.

Ardoino’s US goodwill tour also came as Donald Trump announced a US cryptocurrency reserve and the dropping of dozens of lawsuits against crypto companies. Speaking at an event in New York, Ardoino said, “We have been through hell, people were saying that if I was coming to the US, I would be arrested. But we are still here.”

Why Did Tether Gain $13 billion Last Year?

The overall crypto market euphoria in 2024 and rising interest rates bouyed Tether’s fortunes quarter-on-quarter, another Bloomber report noted.

Further, a reason for its stability could be because stablecoins are more resilient to sharp crypto market peaks and troughs due to being tied to currencies. Also, headquartered in El Salvador, Tether or USDT, is a stablecoin whose reserves largely comprise cash and cash-equivalent assets such as US government debt to maintain a one-to-one value with the US dollar.

Moreover, with Tether pegged to the US Dollar, its allows users flexibility in moving between tokens without needing to convert currencies — a boon for trading platforms with limited or no access to tradional banking and allowing anonymity, the report said.

Why Was Tether on Sceptics Radar?

The value of the reserve, which is made up of mostly cash and cash-equivalent assets to maintain a one-to-one value with the dollar, has swelled to $137 billion. Skeptics initially questioned the existence and composition of the reserve, which is now managed by Cantor.

“This is my first trip to America ever,” said Ardoino, who in the past maintained a base in Lugano, Switzerland. “I am very excited to be here to tell you everything about Tether is an open book.”

The visit also comes as lawmakers move to regulate the sector. The Senate Banking Committee is slated to vote Thursday on a bipartisan deal to regulate stablecoins as House Republicans push for quick action on their own bill.

The rising popularity of USDT in recent years has led to a bumper profit haul for Tether, which said it made about $13 billion last year. That has allowed the firm to make investments in artificial intelligence, biotechnology and agricultural infrastructure, as well as a new business line in lending to commodities traders.

Cantor was until recently led by Howard Lutnick, who is now Trump’s Secretary of Commerce. The Wall Street financial services provider has deepened its ties with Tether by partnering in a Bitcoin lending project.

“Tether is the last stronghold for the US dollar,” Ardoino said. “We will help the US to prevent another antagonistic push from the other side.”

(With inputs from Bloomberg)