Tether Earns Over $10 Billion in 2025, Surpassing Big Banks

Core Insights - Tether's profit for the first three quarters of 2025 has exceeded $10 billion, surpassing some of the largest banks globally [1] Financial Performance - The substantial revenue is primarily derived from Tether's $135 billion in U.S. Treasury bills, which back every USDT token in circulation [2] - Tether's earnings are competitive with major financial institutions, outperforming Bank of America and closely trailing Goldman Sachs and Morgan Stanley, which earned around $12 billion [3] Asset Holdings - Tether is one of the largest non-government holders of U.S. debt, with over $6.8 billion in surplus reserves and a total USDT supply exceeding $174 billion after issuing over $17 billion in Q3 [4] Industry Impact - The scale of Tether's operations indicates that stablecoins have become significant players in the financial sector, challenging traditional institutions [5] - Tether's growing profits and reserves are likely to attract increased scrutiny from regulators and traditional financial entities, raising questions about oversight and risk management [6] Competitive Landscape - Tether's performance signals a shift in the financial landscape, where digital finance companies are now competing directly with legacy banks, marking a pivotal moment for both sectors [7]