USDT’s Unprecedented $10 Billion Profit Run: How Treasury Strategy Fueled Stablecoin Dominance
Tether's financial dominance reached new heights as the stablecoin giant reported staggering annual profits exceeding $10 billion, driven by massive USDT minting and strategic Treasury holdings. The company's latest BDO-audited attestation reveals an extraordinary profit engine that shows no signs of slowing down, with $17 billion in new USDT created during Q3 alone. While specific quarterly figures remain undisclosed, implied earnings of at least $4.3 billion between July and September 2025 cement Tether's position as cryptocurrency's ultimate cash cow. The report highlights the company's rapidly expanding exposure to U.S. Treasury securities, suggesting a sophisticated investment strategy that leverages traditional financial instruments to bolster stablecoin operations. This remarkable financial performance underscores Tether's growing dominance in the stablecoin market and its ability to generate profits that rival traditional financial institutions. The continuous minting of new USDT tokens indicates sustained demand in the cryptocurrency ecosystem, while the company's Treasury investments demonstrate a maturing approach to reserve management. As of November 2025, Tether's financial success story represents a significant milestone in the evolution of stablecoins, showcasing how digital assets can achieve unprecedented profitability while maintaining their peg to traditional currencies. The company's ability to consistently generate such massive profits positions it as a cornerstone of the cryptocurrency industry and raises important questions about the future of digital finance and stablecoin economics.
Tether’s Treasury Holdings Fuel Record $10B Annual Profit Amid Stablecoin Dominance
Tether’s profit engine shows no signs of cooling. The stablecoin giant minted $17 billion in new USDT during Q3, pushing annual profits above $10 billion according to its latest BDO-audited attestation. While exact quarterly figures weren’t disclosed, implied earnings of at least $4.3 billion between July-September cement its position as crypto’s cash cow.
The report reveals ballooning exposure to U.S. Treasuries ($135B), alongside $13B in precious metals and $10B in Bitcoin holdings. CEO Paolo Ardoino frames the results as proof of Tether’s resilience despite macroeconomic turbulence—a narrative bolstered by rumored $20B fundraising talks at a staggering $500B valuation.
Meanwhile, JPMorgan notes rival USDC gaining traction in onchain activity and market cap. The stablecoin wars intensify as Tether claims 500M users, leveraging its first-mover advantage in payments infrastructure while regulators soften bank crypto exposure guidelines globally.
Revolut Eliminates Fees for Stablecoin Conversions in Bold Crypto Strategy
Revolut has disrupted traditional crypto exchange models by removing all fees and spreads for USD conversions to USDT and USDC stablecoins. The fintech giant now offers 65 million users worldwide pure 1:1 exchange rates, with monthly conversion limits reaching €500,000.
The platform extends its transparent foreign exchange approach to digital assets, supporting six blockchain networks including Ethereum, Solana, and Tron. Leonid Bashlykov, Revolut's crypto product lead, confirms the elimination of typical markup fees: "Users receive exact dollar-for-dollar conversions without hidden costs."
This move coincides with explosive growth in Revolut's wealth division, which reported £506 million revenue in 2024—a 298% year-over-year increase. The launch of Revolut X earlier this year further cemented the company's crypto ambitions, offering zero Maker fees across 100+ tokens.
Stablecoins Dominate Crypto Revenue Amid Intensifying Competition
Stablecoin issuers now command 60% to 75% of daily crypto protocol revenue across lending, decentralized exchanges, and blockchain infrastructure. This dominance underscores their role as the ecosystem's liquidity backbone and most profitable sector.
Tether's USDT sets the profitability benchmark, with CEO Paolo Ardoino projecting $15 billion in earnings by 2025 at a 99% margin. The GENIUS Act solidified this model by prohibiting interest payments to holders, reinforcing stablecoins as payment instruments rather than investments.
Competition is escalating as innovative alternatives emerge. Ethena's yield-bearing USDe has rapidly become the third-largest stablecoin, while Coinbase now offers 3.85% APY on USDC holdings—a workaround to the GENIUS Act restrictions.
