Tether just released its latest financial report, revealing $13 billion in net yearly profits and $113 billion in US Treasury holdings.

CEO Paolo Ardoino is looking to the future with new research areas and a proactive approach to potential US stablecoin legislation.

Tether’s Report Shows Huge Wins in 2024

Tether, one of the world’s leading stablecoin issuers, reached record growth in 2024. Last December, MiCA severely reduced the firm’s EU operations, but this had little impact on its dominance. USDT continues to dominate the stablecoin market by a large margin, and its yearly financial report reflects the demand.

Tether’s latest Attestation Report shows $13 billion in net yearly profits and all-time-high US Treasury holdings. CEO Paolo Ardoino, however, is focused on the future:

“In the following months we aim to launch several new products across all Tether pillars: from Artificial Intelligence platforms and apps to telecommunications, from new financial tools and services to broader educational efforts. Thank you very much to everyone for your support. We’re unstoppable together. Nothing else matters,” Ardoino said.

Ardoino’s bullish comments reflect a number of changes at Tether. This month, the company relocated its main headquarters to El Salvador after receiving the relevant licenses in that jurisdiction. The report claims that this move will support Tether’s ambition to support financial inclusion and innovation worldwide.

Even before today’s financial report was released, there were clear signs that Tether was making huge profits. In December, the firm invested $775 million into Rumble while transferring $700 million worth of Bitcoin to the company’s reserves.

At the time, BeInCrypto reported a $10 billion profit surge at Tether, but it overshot this number by a significant margin.

“Tether Investments holds $12.5 billion in assets, stablecoin excess reserves account for most of the rest. In 2024 Tether USDT reached the impressive milestone of 400 million users globally, mostly distributed among emerging markets and developing countries,” wrote Ardoino.

In addition to these profits, the report also claimed that Tether has $113 billion in direct and indirect US Treasury holdings. In December, the Treasury acknowledged the vital role of stablecoins in the rising crypto economy.

Tether’s CEO anticipates new rules requiring stablecoins to put reserves in Treasury bonds, and he’s taking a proactive approach.

All in all, the report reflects Tether’s exceptionally strong financial state. A few other relevant numbers include $157.6 billion in consolidated total assets and $45 billion in new token issuance. With resources like these, Tether has the flexibility to explore other ventures and business avenues beyond crypto.

The meme coin market saw a mixed performance this week, with only a handful of tokens managing to post gains. Most top meme coins ended the week in the red, deepening investor losses.  

BeInCrypto has analyzed three meme coins that stood out this week, either for their notable gains or sharp declines.

Mochi (MOCHI)

MOCHI emerged as the top-performing meme coin this week, surging 241% to trade at $0.00004016. The token is holding strong above the critical support level of $0.00003596, maintaining its bullish structure.

If MOCHI sustains support at $0.00003596, the uptrend could continue. The key resistance level stands at $0.00004867, and breaching this barrier could propel the meme coin toward the $0.00006000 mark. This move would reinforce bullish sentiment and drive further investor interest.

However, losing the $0.00003596 support level could trigger a sell-off, sending MOCHI down to $0.00002486. This decline would erase recent gains and invalidate the bullish outlook, potentially leading to increased market volatility for the meme coin.

Toshi (TOSHI)

TOSHI has been closely following MOCHI’s bullish momentum, surging 93% over the past week. Despite the strong rally, the meme coin remains stuck under the $0.00128 resistance, currently trading at $0.00112.

For TOSHI to sustain its uptrend, it must flip $0.00128 into a support level. Successfully doing so could push the token toward its all-time high of $0.00211. Breaching this milestone would reinforce bullish sentiment and signal further price appreciation.

However, if the downtrend resumes, TOSHI could retrace to the $0.00057 support level. Losing this key level would invalidate the bullish outlook, potentially erasing a significant portion of the recent gains and triggering further selling pressure.

Official Melania Meme (MELANIA)

MELANIA dropped 23% over the past week, currently trading at $2.11. The declining interest in political meme coins has played a major role in the altcoin’s recent drawdown. Without renewed investor enthusiasm, the token may continue struggling to regain momentum.

If MELANIA fails to hold the $2.02 support level, further losses could follow. A drop below $2.00 would expose the altcoin to increased bearish pressure, potentially leading to extended declines. 

However, a reversal above $2.35 could invalidate the bearish outlook. If MELANIA breaks past $2.80, bullish momentum may accelerate, pushing the token toward $3.45 and signaling a strong recovery.

At a hearing in the US District Court for the Southern District of New York, Binance sought to dismiss a lawsuit filed by victims affected by the Hamas attack on Israel.

The lawsuit was filed in 2024 by Judith Raanan, a survivor of the Hamas hostage-taking during the 2023 attacks. The victims accused the crypto exchange of playing a role in facilitating the violence

Binance Challenges Claims of Aiding Hamas in Court

During the hearing on January 30, Binance’s legal team argued that the claims should be dismissed. They pointed out that there was no direct relationship between Hamas and the exchange.

“There was no special relationship between Hamas and Binance,” the lawyers argued.

The 2024 lawsuit alleges that Binance played a role in facilitating terrorism by aiding Hamas and other organizations linked to violence.

Binance, along with former CEO Changpeng Zhao (CZ), faces accusations of non-feasance. They failed to prevent money laundering and did not file Suspicious Activity Reports (SARs). These failures allegedly enabled Hamas to use the platform for financial transactions. 

Binance lawyers highlighted during the court hearing that crypto is not “inherently dangerous.” The defense then downplayed allegations that CZ had admitted to assisting terrorism in a plea agreement, arguing that the comments related to keeping US users on the platform. The lawyers added that it was not an admission of guilt in aiding terrorist activities. 

However, US District Judge John G. Koeltl appeared unconvinced by Binance’s defense. He emphasized that secondary liability for aiding and abetting terrorism is challenging to dismiss outright. 

He also noted the gravity of the position that Binance could take – one where it accepts terrorist accounts and treats them like any other user.

The lawsuit accuses Binance of enabling the transfer of funds to Hamas, despite being aware of the group’s activities on the platform. 

“Binance was told, Hamas is on your platform. They didn’t seize their funds, they helped them leave and told them they were flagged, facilitating,” the lawyer for the plaintiffs said.

Judge Koeltl indicated that he would rule on the motion to dismiss at a later date, leaving the case in legal limbo for now.

Nevertheless, it appears Binance’s legal troubles are never-ending. A Spanish court recently opened an investigation into Binance for alleged misappropriation of funds in 2021. Moreover, French authorities have also launched an investigation into Binance. The exchange is accused of money laundering, tax fraud, and drug trafficking.