“稳定币老大”Tether去年赚了100亿美元，同比下降23%

Group 1 - Tether, the largest stablecoin issuer globally, reported a significant profit decline in 2025, with profits at $10 billion, down 23% from $13 billion in the previous year [1] - The company is undergoing a financing round that, upon completion, will position it among the highest-valued private companies [1] - Tether's CEO, Paolo Ardoino, emphasized the importance of structural growth behind the expansion of USDT, driven by increasing demand for USD outside traditional banking systems, especially in regions with slow or inaccessible financial systems [1] Group 2 - Tether generates funds by issuing digital tokens and invests these funds in assets aimed at maintaining the peg of its USDT stablecoin to the USD [2] - The company has faced pressure on investment returns due to a downturn in the cryptocurrency market since October of the previous year, which may have contributed to the profit decline [2] - USDT, with a circulation exceeding $185 billion, is widely used by cryptocurrency traders, providing Tether with a continuous revenue stream [2] - Tether's financial data is reviewed by BDO, but this review does not meet the standardized audit standards of regulated companies, leading to higher information asymmetry risks for investors and market participants [2]