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

Tether reported a massive profit of $10 billion for the first three quarters of 2025 Friday, putting the world’s first stablecoin issuer in the same league as the titans of Wall Street.

Tether’s performance so far this year rivals that of the world’s most profitable banks — and has even eclipsed that of some of America’s leading financial institutions.

The reported net income of the USDT issuer is greater than that of Bank of America, for example, which made a profit of $8.9 billion in the first three fiscal quarters of 2025. It is also almost double that of US Bank, which reported $5.5 billion in profits for 2025 so far.

Tether’s performance is also within striking distance of Wall Street mainstays Morgan Stanley and Goldman Sachs, which so far this year have made annual net income of $12.4 billion and $12.56 billion, respectively.

Last year, Tether arrived in the 10% of Goldman’s best annual earnings with an annual profit of $13 billion, and the crypto company is currently on track to surpass that performance this year.

Of course, despite Tether’s massive and constantly growing revenue, it’s still not the king of finance. JP Morgan, for example, has taken home about $44 billion in net income this year so far, more than quadrupling the stablecoin issuer’s performance.

However, it is quite the return for Tether, which remains privately owned and headquartered in El Salvador. In Q3 alone, the company issued more than $17 billion of its flagship USDT token, bringing the world’s dominant stablecoin circulating supply to more than $184 billion as of writing.

“USDT has become the biggest financial inclusion success story in human history, with more than 500 million users in emerging markets and developing countries,” Tether CEO Paolo Ardoino. published on X.

Tether’s profits derive primarily from the returns on US Treasuries that the company holds in reserve to support its circulating supply of USDT. The company says it now holds about $135 billion of such bills, putting it ahead of nations like Germany, the United Arab Emirates, Saudi Arabia, and now, South Korea, as the world’s top holders of U.S. Treasuries.

The world’s largest holder of US Treasuries, Japan, held $1.2 trillion worth as of July.

Although Tether has focused primarily on dominating emerging markets, the company has made a concerted effort to enter the United States following the re-election of President Donald Trump and the passage of a legal framework for the issuance and trading of stablecoins in the country.

The company plans to launch a stablecoin focused on the United States, USEDwhich will be adapted to the American regulations, at the end of the year.

The company had previously steered clear of direct involvement in American markets or any attempt to go public; has yet to undergo an internal audit by a Big Four company.