Tether Could Become the Most Profitable Crypto Company in History

With profitability already greater than that of many multinational corporations, Tether shows a trajectory that today intrigues crypto observers. For Bitwise for example, its rise illustrates the potential of crypto players to capture a significant share of global financial markets.

A Growth Dynamic Driven by Global Adoption of USDT

According to data, Tether generated about 13 billion dollars in profits in 2024. This crypto company employs fewer than 200 people and holds more than 127 billion dollars in US Treasury Bonds. It is now among the top 20 largest holders in the world, alongside sovereign states like Germany and the United Arab Emirates.

The USDT stablecoin, issued by Tether, is now used by over 400 million people. Growth is particularly concentrated in emerging economies, where USDT is becoming an alternative to local currencies. The number of active wallets increases by about 35 million each quarter according to CEO Paolo Ardoino.

Matt Hougan, Chief Investment Officer of Bitwise, believes that if this adoption continues, Tether could manage up to 3 trillion dollars in assets. With current interest rates, such exposure would generate profits exceeding the 120 billion dollars of Aramco.

A Crypto Model Embedded in Systemic-Sized Markets

Tether is not limited to issuing stablecoins. The company also holds more than 100,000 BTC, equivalent to 11.4 billion dollars. It even invests in various sectors:

• artificial intelligence;
• telecommunications;
• data centers;
• energy infrastructures;
• bitcoin mining.

It recently launched USAT, a regulated dollar stablecoin intended for American users.

Bitwise’s analysis places Tether in a broader dynamic: that of crypto projects able to establish themselves in global markets. Bitcoin targets, for example, the gold market with a current capitalization of 2.3 trillion. Ethereum and Solana target global payments as well as asset markets.

Unlike centralized companies, crypto blockchains like Ethereum and Solana can operate on a planetary scale. This operation allows them to capture market shares impossible to reach by a single player.

In any case, Tether’s trajectory illustrates how crypto integrates into major global economic dynamics. If the trend continues, the company could redefine profitability standards in the digital age.