Tether Reports $10 Billion Profit in 2025 So Far—Here’s How That Compares to the Big Banks

Tether on Friday reported a massive $10 billion profit for the first three quarters of 2025, putting the world’s top stablecoin issuers on par with Wall Street giants.

Tether’s performance so far this year has matched that of the world’s most profitable banks and even surpassed that of some of the top U.S. financial institutions.

The net income reported by the USDT issuer is higher than, for example, that of Bank of America, which posted a profit of $8.9 billion in the first three fiscal quarters of 2025. That’s nearly double that of U.S. Bank, which has so far reported 2025 profits of $5.5 billion.

Tether’s performance also lags Wall Street mainstays Morgan Stanley and Goldman Sachs, which have generated net annual revenues of $12.4 billion and $12.56 billion, respectively, so far this year.

Last year, Tether arrived Within 10% With annual profits of $13 billion, it exceeded Goldman’s annual profits, and the crypto company is currently on track to surpass that performance this year.

Of course, despite Tether’s huge and consistently increasing revenues, it is still not the king of finance. JPMorgan, for example, has generated about $44 billion in net income so far this year, more than quadrupling the stablecoin issuer’s performance.

Still, it’s a significant payoff for Tether, which is headquartered in El Salvador and remains privately owned. In the third quarter alone, the company issued over $17 billion of its flagship dollar-pegged token USDT, bringing the circulating supply of the globally dominant stablecoin to over $184 billion at the time of writing.

“USDT has become the largest financial inclusion success story in human history, with over 500 million users in emerging markets and developing countries,” Tether CEO Paolo Ardoino wrote in a post on X.

Tether’s profits primarily come from the proceeds of the U.S. Treasuries it retains to back its circulating supply of USDT. The company says it currently holds about $135 billion worth of such notes, making it the world’s top holder of U.S. debt, ahead of countries such as Germany, the United Arab Emirates, Saudi Arabia, and now South Korea.

Japan, the world’s largest holder of US debt, held the equivalent of $1.2 trillion as of July.

Tether has primarily focused on dominating emerging markets, but has made a concerted effort to enter the United States following President Donald Trump’s re-election and passage of the presidential election. legal framework The purpose is to issue and trade stablecoins in Japan.

The company plans to issue a stablecoin focused on the United States. USATIt is expected to be adjusted to U.S. regulations by the end of the year.

The company has previously avoided direct involvement in the U.S. market or attempts to go public. Furthermore, it has not yet undergone an internal audit by a major four accounting firm.