According to a recent report by Fortune magazine, Tether, the issuer of the world's largest stablecoin USDT, is projected to generate an astonishing profit of approximately $15 billion in 2025. This figure, confirmed by Tether CEO Paolo Ardoino, not only surpasses market expectations of the profitability of crypto companies but also further highlights the crucial role of stablecoins in the global financial system.
Record profits and total assets exceeding US$187 billion.
The report indicates that by 2025, Tether's total assets had reached approximately $187 billion, almost equivalent to the circulating market capitalization of USDT, demonstrating that its reserve structure remains highly aligned. Notably, Tether's profits in the first half of 2025 already exceeded $10 billion, ultimately achieving its full-year target of $15 billion, largely meeting market expectations and making it one of the most profitable companies in the crypto industry.
Unique Business Model: Stablecoin Issuance Combined with Efficient Investment
Tether's core profit model is described by outsiders as "stablecoin issuance + low-cost, high-yield investment". When users exchange USDT for USD or other assets, Tether invests these funds in low-risk, highly liquid assets, mainly short-term US Treasury bonds.
In the high-interest-rate environment of 2025, these government bonds will continue to generate stable and substantial interest income for Tether, becoming its primary source of profit. On the other hand, compared to traditional financial institutions, Tether does not require a large branch network or high human resource costs; the company has only about 150 employees, resulting in an overall profit margin of nearly 99%, far exceeding that of typical banks or asset management companies.
Holding an astonishing amount of US Treasury bonds, ranking among the top in the world.
Data shows that Tether's exposure to U.S. Treasury bonds in the third quarter of 2025 reached approximately $135 billion (including direct and indirect holdings), surpassing sovereign nations such as South Korea and making it the 17th largest holder of U.S. Treasury bonds globally.
In addition to US Treasury bonds, Tether has gradually allocated some of its reserves to Bitcoin and gold in recent years. The report indicates that its gold reserves are worth approximately $12.9 billion, while Bitcoin and other crypto assets have generated substantial realized and unrealized capital gains during bull markets, further boosting its overall profitability.
This model, which combines "stable demand" with "asset appreciation," is also known in the market as a "modern money printing machine."
Despite a solid market position, regulation and transparency remain concerns.
Currently, USDT's circulating market capitalization is close to $187 billion, and its daily trading volume far exceeds the combined total of its other stablecoin competitors, firmly establishing it as the world's leading stablecoin. However, Tether's rapid growth and astonishing profits have also continuously sparked discussions about its reserve transparency, compliance, and potential systemic risks.
Nevertheless, with the continued expansion of the crypto market and the rising demand for cross-border payments and digital dollars, Tether's influence and market position are unlikely to be shaken in the short term.
