The world's largest stablecoin issuer has posted extraordinary earnings that rival major Wall Street firms, while new platforms emerge to serve the growing demand for digital currencies.

Tether Surpasses $10 Billion Profit Milestone

Tether Holdings Limited, the company behind the USDT stablecoin, achieved net profits exceeding $13 billion in 2024. This figure places the closely-held cryptocurrency company alongside major financial institutions like Goldman Sachs, which reported $14.28 billion in net income for the same period.

The company’s profitability continued into 2025, with second-quarter earnings reaching $4.9 billion. By the end of Q3 2025, year-to-date net profit surpassed $10 billion, positioning Tether as one of the most profitable privately controlled businesses globally.

CEO Paolo Ardoino attributes this success to increasing trust in USDT and growing global demand for stablecoins. The company now serves over 500 million users worldwide, marking what Ardoino calls “likely the biggest financial inclusion achievement in history.”

How Tether Makes Its Money

Tether generates profits through several revenue streams. The primary source comes from investing the reserves backing USDT tokens into safe, interest-bearing assets.

U.S. Treasury holdings represent the largest component of Tether’s reserves. By the end of Q3 2025, the company’s total exposure to U.S. Treasuries reached approximately $135 billion, making Tether one of the world’s largest holders of U.S. government debt and ranking 17th among nations holding U.S. Treasuries.

The company also profits from Bitcoin and gold holdings. In 2024 alone, these assets generated approximately $5 billion in unrealized profits. As of Q3 2025, Tether’s gold reserves stood at $12.9 billion and Bitcoin reserves at $9.9 billion, representing about 13% of total reserves. Traditional Treasury investments and repurchase agreements contributed $7 billion in 2024, while other investments added another $1 billion.

Source: @Tether_to

In Q2 2025, Tether reported that $3.1 billion came from recurring operational earnings, while $1.8 billion resulted from gains on Bitcoin and gold holdings.

Market Dominance and Financial Strength

USDT has become the dominant stablecoin in the cryptocurrency market. As of September 30, 2025, USDT’s circulating supply exceeded $174 billion, with over $17 billion issued in Q3 alone. By October 2025, the supply surpassed $183 billion, representing over 60% of the entire stablecoin market. The nearest competitor, Circle’s USDC, has a market capitalization of approximately $60.7 billion.

During 2024, Tether issued $45 billion in new USDT tokens, with Q4 alone accounting for over $23 billion. This growth continued into 2025, with over $20 billion in net new issuance in the first half of the year.

The company’s financial resilience shows in its reserve buffer. As of Q3 2025, excess reserves stood at $6.8 billion, providing a substantial cushion against market volatility. Tether’s overall proprietary group equity is approaching $30 billion, demonstrating the company’s strong financial position.

Strategic Investments and Expansion

Tether has deployed approximately $4 billion into U.S.-based ventures through its investment arms, Tether Investments and XXI Capital. These investments focus on artificial intelligence, renewable energy, digital rights, and open-source infrastructure.

The largest single investment involves video-sharing platform Rumble, where Tether committed $775 million in a strategic partnership. This includes $250 million in direct cash investment and a tender offer for up to 70 million shares.

In January 2025, Tether relocated its headquarters from the British Virgin Islands to El Salvador, obtaining a Digital Asset Service Provider license from Salvadoran authorities. This move positions the company in a crypto-friendly jurisdiction while facing regulatory challenges in Europe.

Stabull Finance Addresses Stablecoin Trading Gap

While Tether dominates the stablecoin market, new platforms are emerging to solve specific challenges. Stabull Finance launched in December 2024 as a decentralized exchange specifically designed for stablecoin and real-world asset trading.

The platform addresses a significant market gap. While non-USD currencies account for over 40% of global forex trading, less than 1% of on-chain trading volume involves non-USD stablecoins. Most existing decentralized exchanges focus primarily on USD-based stablecoins, leaving other currency pairs underserved.

Stabull operates on three blockchain networks: Ethereum, Polygon, and Base. The platform supports 16 stablecoins across 11 national currencies, including the Euro, Brazilian Real, Japanese Yen, Turkish Lira, and New Zealand Dollar. It also facilitates trading of tokenized commodities like gold.

The exchange uses a next-generation Automated Market Maker powered by off-chain price oracles from Chainlink. This technology helps keep trading prices aligned with real-world foreign exchange rates, reducing slippage and improving execution for traders.

Stabull charges a 0.15% fee per pool used in a swap, with 70% of fees going to liquidity providers. Users who provide liquidity to trading pools earn $STABUL governance tokens as rewards through the platform’s Liquidity Mining Program.

After six months of beta testing that processed over $2 million in trades, Stabull opened to the public. In October 2025, the platform secured a $2.5 million financing commitment from Bolts Capital to expand cross-chain liquidity and add more supported assets.

Bottom Line on Digital Dollar Dominance

The stablecoin market continues to grow rapidly. According to various projections, the total stablecoin market capitalization could reach $2 trillion by 2028, up from approximately $235 billion in early 2025.

Despite challenges, Tether’s financial performance demonstrates the increasing demand for dollar-based digital assets, particularly in regions with limited banking access or unstable local currencies. The company’s massive Treasury holdings also position it as a significant participant in traditional financial markets.

New platforms like Stabull show that innovation continues in the stablecoin ecosystem, with specialized exchanges emerging to serve specific needs that general-purpose platforms don’t adequately address.