人均净赚8000万美元！稳定币霸主Tether的“崛起”

Core Insights - Tether has achieved a remarkable net profit of over $13 billion in 2024 with only 165 employees, making it one of the most profitable companies globally [2][4] - The rapid growth of Tether reflects the increasing acceptance of stablecoins in the market, transitioning from a "currency peg" to a "new variable in global finance" [3][4] - Tether's business model, described as "minting money to buy debt," involves issuing USDT backed by fiat currency and investing the proceeds in U.S. Treasury securities and other assets [4][5] Financial Performance - Tether's net profit for 2024 exceeded $13 billion, surpassing Citigroup, with $7 billion coming from U.S. Treasury and repurchase agreement income, and $5 billion from unrealized gains in gold and Bitcoin [4][5] - The company holds a significant amount of U.S. Treasury securities, with direct and indirect holdings reaching $113 billion in 2024, increasing to nearly $120 billion in Q1 2024 [6][8] Market Position - Tether's USDT issuance reached $45 billion in 2024, dominating the stablecoin market with a market share of 62%, while its closest competitor, Circle's USDC, held a 24% share [6][8] - Tether supports 18 native blockchains and bridges to 91 blockchains, maintaining a monopoly in payment and trading scenarios [8] Competitive Landscape - Tether's early entry into the market in 2014 provided it with a first-mover advantage, establishing a strong network effect that is difficult for competitors to replicate [8][9] - The competitive landscape is intensifying with regulatory developments, as compliant stablecoins like USDC are gradually capturing market share from USDT [22] Regulatory Environment - The U.S. GENIUS Act emphasizes the importance of reserve assets for stablecoin issuers, which may impose additional compliance pressures on Tether [16][21] - Tether has faced scrutiny regarding its reserve disclosures and compliance, with past penalties from regulatory bodies highlighting ongoing challenges [20][21] Future Outlook - The potential implementation of the GENIUS Act and other regulatory frameworks may impact Tether's market position and operational costs, possibly leading to a decline in its market share [21][22] - The stablecoin market is expected to grow significantly, potentially reaching trillions in scale, driven by regulatory clarity and innovation [22]