CRYPTO’S BIGGEST CASH MACHINE

Tether reported ~$10B in net profit in 2025, and it came almost entirely from the core $USDT business -- not venture investing.

$USDT supply grew by about $50B in a single year, pushing total circulation to $186B+ 💵 That scale matters because Tether is now holding $141B+ in U.S. Treasuries, with total reserve assets near $193B 🇺🇸

On the balance sheet, there’s also $17.4B in gold 🪙 and $8.4B in Bitcoin, plus roughly $6.3B in excess reserves sitting above liabilities.

The profit story is simple: higher interest rates + massive Treasury exposure = steady yield 📈 As issuance expanded, so did earnings.

Regulatory pressure is rising -- MiCA in Europe and the U.S. GENIUS Act -- which is why Tether is launching USAT for U.S.-compliant use 🇺🇸 while USDT continues to dominate globally with about 60% market share 🌍

This isn’t a niche crypto story anymore. Stablecoins are becoming part of the global dollar system.