Tether moves its headquarters to El Salvador and reports profit of more than US$13 billion in 2024
The issuer of USDT announced in January that it is moving its headquarters to El Salvador and, on January 31, reported annual profit above US$13 billion, with US$113 billion in US Treasuries. The figures come from Tether itself, with an attestation by BDO, not from a full audit.
Historical reference: February 4, 2025. Published on this site on November 2, 2026. Dates in the text identify the period covered.
In this article
Key points
- Tether announced on January 13, 2025 that it will move its headquarters to El Salvador, after obtaining a digital asset service provider license there.
- On January 31, it reported profit of more than US$13 billion in 2024, with about US$5 billion in unrealized gains on gold and bitcoin.
- Reserves totaled US$143.7 billion against US$136.6 billion in issued tokens, a cushion of US$7.1 billion, and US$113 billion was in US Treasuries.
- The figures are Tether's own and were attested by BDO, not subject to a full audit of the financial statements.
São Paulo, February 4, 2025 — Tether, the issuer of USDT, the world's most-used stablecoin, had two pieces of news in two weeks. On January 13, CEO Paolo Ardoino told Reuters the company will move its headquarters to El Salvador. On January 31, the company released its fourth-quarter 2024 report, with annual profit above US$13 billion. Both matter to anyone paying foreign suppliers with USDT, because they say where the issuer is based and what backs the token's value.
- Net profit in 2024, according to Tether
- US$13B+
- Direct and indirect exposure to US Treasuries, a record
- US$113B
- Reserves above liabilities on 12/31/2024 (above US$7 billion for the first time)
- US$7.1B
- New USDT issued in 2024, of which US$23 billion in the fourth quarter alone
- US$45B
The move of headquarters to El Salvador
Reuters reported on January 13 that Tether intends to base its headquarters in El Salvador, where it obtained a digital asset service provider license. Ardoino said he and other founders and executives will also relocate. The company has more than 100 employees, and not all need to move, because many work remotely. Tether also spoke of hiring about 100 Salvadorans in the coming years.
This move to El Salvador will be the first time we also have a physical headquarters.
Paolo Ardoino, Tether CEO, to Reuters, 01/13/2025 (free translation)
Tether was incorporated in the British Virgin Islands and, according to Ardoino, had never had a physical headquarters. President Nayib Bukele reacted on X with “Welcome home.” In its January 31 report, the company said Tether International S.A. de C.V. obtained the license as a stablecoin issuer and digital asset service provider and that El Salvador is the group's new headquarters.
Ardoino also explained what was left out. He said Tether has no license in the European Union, an issue that the entry into force of MiCA made central, and that it ruled out the United States “for now.” He called it “quite premature” to predict changes under the Trump administration. For users, the headquarters changes the issuer's address, not how the token works: issuance and redemption follow the rules the company already published.
What the fourth-quarter report shows
The attestation was performed by BDO, as of December 31, 2024. The main figures, as Tether released them:
| Item | Amount |
|---|---|
| Reserves for USDT in circulation | US$143.70 billion |
| Liabilities related to issued tokens | US$136.61 billion |
| Reserve cushion (buffer) | US$7.09 billion |
| Direct and indirect exposure to US Treasuries | US$113 billion |
| Total consolidated assets | US$157.6 billion |
| Group equity | Above US$20 billion |
The profit above US$13 billion has two sources, according to the company. About US$7 billion came from US Treasuries and repurchase agreements. About US$5 billion was unrealized gains on gold and bitcoin, which Tether holds in reserves. In its third-quarter release, the company had reported US$7.7 billion accumulated over nine months.
BDO issues an attestation on the composition of the reserves on a given date. It is not equivalent to a full audit of the financial statements, which Tether does not publish. So the profit is a company figure, not a result audited by a third party.
What backs USDT
Whoever receives USDT trusts that each token can be redeemed for one dollar. The attestation shows a cushion of US$7.1 billion over liabilities, equivalent to about 5% of issued tokens. The composition, however, has changed from the picture of cash and short-term paper: besides Treasuries, the reserves include gold, bitcoin and other assets whose price fluctuates.
The size of the market explains the attention. Reuters, citing CoinGecko, estimated that USDT represents about two-thirds of the US$212 billion in stablecoins in circulation. For a Brazilian company, the practical point is that USDT is the currency accepted by most suppliers that receive crypto, and the most common way to move it is the TRON network. For how the token works under the hood, see what USDT is and how its backing works.
What to watch going forward
- License and supervision. The Salvadoran license provides local regulatory standing, but Tether remains without authorization in the European Union and outside the US regime. Follow how each jurisdiction treats USDT.
- Reserve composition. The share of gold and bitcoin can increase the risk of swings. The quarterly attestation is the document to read.
- Attestation versus audit. The reports remain quarterly attestations; Tether does not publish audited financial statements.
- Peg. Even with a cushion, USDT has traded below US$1 in moments of stress. Anyone paying a supplier should convert and send without keeping a balance idle for long.
The headquarters move and the record profit do not change what is essential for the importer. USDT remains a stablecoin issued by a private company, with no FGC (Brazil's deposit guarantee fund) coverage and no central bank supervision. Reserve transparency has improved, but it still rests on reports that the issuer itself releases.
Frequently asked questions
Has Tether already moved its headquarters to El Salvador?
Tether announced the move on January 13, 2025 and, in its January 31 report, stated that El Salvador is the group's new headquarters. The company said the move is gradual: founders and executives will relocate, but part of the more than 100 employees will remain remote.
How much did Tether earn in 2024?
The company reported net profit above US$13 billion in 2024, without disclosing an exact figure. According to it, about US$7 billion came from US Treasuries and repurchase agreements and about US$5 billion from unrealized gains on gold and bitcoin.
Do Tether's reserves cover all USDT in circulation?
According to BDO's attestation, reserves totaled US$143.7 billion on December 31, 2024, against US$136.6 billion in liabilities tied to issued tokens, a cushion of US$7.1 billion. It is an issuer report with an attestation, not a full audit, and part of the reserves fluctuates in price.
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Sources
- Tether hits $13 billion profits for 2024 and all-time highs in U.S. Treasury holdings, USDT circulation and reserve buffer in Q4 2024 attestation · Tether, Jan 31, 2025
- Crypto firm Tether and its founders finalising move to El Salvador · Reuters (via Investing.com), Jan 13, 2025
- Tether hits $7.7 billion 2024 nine-month profits, $102.5 billion in U.S. Treasury holdings (Q3 2024 attestation) · Tether, Oct 31, 2024
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