– Tether’s $10B profit in 2025 outpaces major U.S. banks, nearing earnings of Goldman Sachs and Morgan Stanley
– Backed by $135B in Treasuries, Tether plans a U.S.-compliant stablecoin launch to expand into regulated markets
Tether Holdings Ltd., the issuer of the world’s largest stablecoin USDT (CRYPTO:$USDT), has reported a profit of $10 billion for the first three quarters of 2025, placing it ahead of Bank of America and within range of Wall Street’s most profitable institutions.
According to financial disclosures released Friday, Tether’s net income surpassed Bank of America’s $8.9 billion profit over the same period and nearly doubled the $5.5 billion reported by U.S. Bank. The firm’s earnings are largely driven by returns on approximately $135 billion in U.S. Treasuries held as reserves backing USDT, its dollar-pegged digital token.
Rising Among Financial Giants
Tether’s 2025 performance puts it within striking distance of Morgan Stanley (NYSE: $MS) and Goldman Sachs (NYSE: $GS), which posted net incomes of $12.4 billion and $12.56 billion, respectively, for the first three quarters of the year. The stablecoin issuer’s profitability has drawn comparisons to major financial houses as it continues to scale alongside the broader growth of digital assets.
https://x.com/paoloardoino/status/1984268854772613594
In 2024, Tether recorded an annual profit of $13 billion, just 10% below Goldman Sachs’ full-year result. At its current pace, the company appears set to exceed that figure this year, further narrowing the gap between the crypto and banking sectors in terms of earnings power.
The company’s profit margins stem from interest income on short-term U.S. Treasury securities that collateralize its circulating USDT supply. Those assets represent one of the largest private holdings of U.S. government debt globally, positioning Tether alongside sovereign holders such as Japan, which maintains roughly $1.2 trillion in Treasuries as of July 2025.
Expansion into Regulated Markets
Headquartered in El Salvador, Tether is preparing to introduce a new stablecoin, USAT, designed to comply with U.S. financial regulations by year’s end. The launch would mark the company’s first entry into a U.S.-compliant product framework, signaling an expansion of its footprint into regulated markets.
Tether CEO Paolo Ardoino stated on X that USDT has become one of the most widely used digital assets globally, with more than 500 million users across emerging and developing economies, a figure that highlights the scale of its adoption beyond traditional financial systems.
