(Alliance News) – Tether, a company headquartered in El Salvador–the country led by “crypto-president” Nayib Bukele–issues the world’s most widely used stablecoin, USDT, which is pegged to the US dollar. This digital currency allows users to buy and sell cryptocurrencies without relying on traditional banking channels, establishing itself as a fast and cost-effective tool for global money transfers, facilitating remittances and, according to critics, money laundering.
As Corriere della Sera reported on Monday, there are currently USDT in circulation worth USD183 billion, which Tether claims are backed by reserves in liquid and secure assets.
Roughly two-thirds of these reserves are held in US Treasury securities, making Tether the world’s 17th largest holder, according to the company. Tether also holds USD9 billion in gold and Bitcoin, along with other financial investments.
In practice, the company operates much like an investment fund but retains the returns instead of distributing them to users, generating record profits: USD7 billion in 2023, USD13 billion in 2024, and a projected USD15 billion for 2025. Over three years, that amounts to USD35 billion in profits–double that of BlackRock–with profitability nearing USD100 million per employee. However, Tether has never submitted its accounts to a full independent audit, relying instead on partial checks by BDO Italia.
Tether’s profitability has attracted the interest of Softbank and Ark, which are considering acquiring a 3% stake for USD20 billion, valuing the company at USD500 billion. With at least USD4.3 billion invested in 28 companies, Tether has built a diversified portfolio through Tether Ventures: among its holdings, an 11.5% stake in Juventus–making it the club’s second largest shareholder after Exor–and investments in Bitdeer, Crystal, and Twenty One.
Tether has also allocated USD775 million to the Rumble platform and acquired a 30% stake in the Italian holding company Be Water, which controls Chora and Will Media. In parallel, the company has invested in physical gold, holding 80 metric tons worth USD8 billion, and in Canadian mining companies such as Elemental Altus, Gold Royalty Corp, and Metalla Royalty.
Other investments range from Adecoagro–focused on sugar and ethanol–to projects in satellites and brain chip technology.
The diversification strategy aims to reinvest profits–90% of them, according to CEO Paolo Ardoino–into projects aligned with the group’s economic and political vision, also to strengthen its influence.
Tether is even considering donations to American political candidates as new stablecoin regulations (the Genius Act) open the market to banks and fintech firms.
In Europe, where Tether does not operate due to a lack of custody requirements, competitors could emerge with models that share returns. Diversification, therefore, appears to be the key for Tether to maintain its title as the “world’s most profitable company.”
By Giuseppe Fabio Ciccomascolo, Alliance News senior reporter
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