Tether, the world’s largest stablecoin issuer, has reported a staggering $10 billion profit for the first three quarters of 2025, placing it among the most profitable financial institutions globally. The company’s latest quarterly attestation for Q3 2025 highlights remarkable growth and market reach, especially in emerging economies, where it now serves over 500 million users.
This performance puts Tether in the same league as some of the biggest names on Wall Street. Its $10 billion profit surpasses Bank of America’s $8.9 billion and nearly doubles U.S. Bank’s $5.5 billion over the same period. Tether is also closing in on Morgan Stanley and Goldman Sachs, which posted $12.4 billion and $12.56 billion in net income, respectively.
Tether’s Revenue Driven by U.S. Treasury Returns
A large portion of Tether’s profits comes from the interest generated on U.S. Treasuries, as the company holds a massive $135 billion in reserves. These holdings have positioned Tether to benefit from higher interest rates, turning its stablecoin operations into a powerhouse of passive income.
Last year, Tether’s profits nearly matched Goldman Sachs’ $13 billion annual earnings, and it’s now on track to surpass that figure in 2025. Despite its impressive growth, JPMorgan Chase still leads the pack with $44 billion in net income, maintaining its spot as the most profitable U.S. bank.
Plans for a U.S.-Compliant Stablecoin
Looking ahead, Tether plans to strengthen its presence in regulated markets with the upcoming launch of USAT, a U.S.-focused stablecoin designed to meet American compliance standards. The company aims to roll out USAT by the end of the year, signaling its intent to expand within the U.S. financial ecosystem while maintaining transparency and regulatory alignment.
With record-breaking profits and strategic expansion plans, Tether is no longer just a crypto company—it’s a global financial force rivaling Wall Street’s biggest names.
