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 📈