Exchange Ranking
Top Exchanges
24h Volume Ranking
Popularity Ranking
Exchange BTC Balance
Proof of Reserves
Decentralized Exchanges
Funding Rate
Funding Heatmap
Liquidation Data
Max Pain
Long/Short Ratio
Whale L/S Ratio
Binance/Okex/Huobi L/S
Bitfinex Margin L/S
ETF Tracker
Solana ETF
XRP ETF
Hong Kong ETF
Bitcoin Treasuries
Crypto Reversal
Ethereum Reserves
HyperLiquid Wallet Analysis
Hyperliquid Whale Watch
Large Transactions
On-chain Movement
Bitcoin ROI
Stablecoin Market Cap
Options Analysis
News
Articles
Economic Calendar
Features
Wallet
Contract Calculator
Security
Collections
Watchlist
FollowingTether: One of the most profitable financial institutions in the world
@Tether has quietly become one of the most profitable financial companies in the world, and its financial data is hard to ignore. As the world's largest issuer of stablecoins, Tether has achieved a cumulative revenue of US$19.93 billion through asset gains behind its USDT stablecoins worth US$184 billion. This figure puts it among the top few in both cryptocurrency and traditional finance.
An income machine built on reserves
Tether's business model is simple but extremely rich. It does not charge transaction fees, but instead invests funds deposited in dollars to mince USDT in short-term assets (mainly U.S. Treasury bonds) to earn gains. Tether's income mainly comes from interest on reserves. Its approximately US$127 billion in treasury bonds and similar short-term securities generates gross interest income of approximately US$5 to US$6 billion annually.
According to the fourth quarter and annual assurance reports reviewed by independent accounting firm BDO, Tether's 2024 profit exceeded US$13 billion. This performance is more than double the $6.2 billion profit it recorded in 2023. Looking ahead, Tether expects net income to be close to $15 billion in 2025.
It is worth noting that Tether does not publish audited financial statements, a practice that has been criticized by regulators and cryptocurrency industry observers. Instead, the company submits assurance information conducted by accounting firm BDO on a quarterly basis as part of its third-party assurance.
Comparative analysis of Circle
@Circle 发行的 USDC 累计收入为 75.7 亿美元。这一数字本身令人印象深刻，但也凸显了两家发行商之间日益扩大的差距。结构性原因十分明确：USDT 的供应量是 USDC 的两倍多，这使 Tether 在储备金收入方面拥有巨大的先发优势。
2024 年，Circle 报告的收入和储备金收入为 16.8 亿美元，净收入达到 1.56 亿美元。Circle 还面临着一套限制其留存收入的成本结构。2024 年，Coinbase 获得了 Circle 总分销成本 10.1 亿美元中的 9.08 亿美元，这意味着每 1 美元收入中约有 0.54 美元被分配给 Coinbase。
2025 年，随着 USDC 流通量在年底达到 753 亿美元，Circle 的总收入和储备金收入增至 27.47 亿美元，同比增长 64%。尽管增长正在加速，但与 Tether 的规模差异依然显著。仅凭这一规模优势，就赋予了 Tether 巨大的盈利能力。2024 年，Tether 报告的毛利润接近 130 亿美元。
稳定币行业正在迅速成熟，@Tether 和 @Circle 的收入数据进一步印证了资金通过美元挂钩代币流动的巨大价值。目前，USDT 占据的市场主导地位意味着其盈利能力处于另一个层级。
