Beneficio neto de 150 mil millones, acumulación de 140 toneladas de oro: ¿Cómo construyó una empresa privada reservas de nivel bancario central?

比推Published on 2026-01-28Last updated on 2026-01-28

Abstract

Resumen: Tether reportó una ganancia neta récord de 15.000 millones de dólares en 2025, respaldada por su enorme cartera de bonos del Tesoro estadounidense (más de 1,27 billones de dólares) y 140 toneladas de reservas de oro, lo que la sitúa entre los mayores tenedores mundiales. El CEO Paolo Ardoino describió la empresa como un "Arca de Noé digital" para resistir crisis financieras, con inversiones estratégicas en robótica, satélites y agricultura. Simultáneamente, Tether lanzó USAT, una stablecoin conforme a la ley federal estadounidense, compitiendo directamente con Circle (USDC) y expandiendo su influencia en mercados regulados. La empresa combina activos físicos como el oro y una estrategia de cumplimiento normativo para consolidar su liderazgo en el ecosistema de monedas estables.

Autor: Sanqing, Foresight News

Título original: ¡Beneficio neto supera los 150 mil millones de dólares, acumula 140 toneladas de oro, esta misteriosa empresa intenta igualarse a los bancos centrales!

El 27 de enero, Paolo Ardoino, CEO de Tether, en una entrevista con la revista Fortune, reveló que la empresa registró un beneficio neto de 150 mil millones de dólares en el año fiscal 2025. Justo el mismo día de la entrevista, Tether anunció oficialmente el lanzamiento de USAT, una stablecoin en tierra que cumple con las leyes federales de EE.UU. Este movimiento marca que, tras obtener ganancias récord en 2025, Tether está llevando una estrategia de ruptura desde la "zona gris offshore" hacia el "sistema de cumplimiento federal estadounidense".

El panorama del "patrón oro" detrás de las ganancias de 150 mil millones de dólares

Los 150 mil millones de dólares de beneficio neto alcanzados por Tether en 2025 son considerados la cúspide de la revolución de la productividad en la industria de las monedas digitales. Este logro no solo batió récords en la industria, sino que, con un equipo de aproximadamente 100 a 150 personas, logró un beneficio per cápita de más de mil millones de dólares.

En comparación con gigantes tradicionales de Wall Street, como Goldman Sachs, con un beneficio neto anual de unos 170 mil millones de dólares y unos 47.000 empleados, el beneficio per cápita es de 360.000 dólares; JPMorgan Chase, con un beneficio neto anual de unos 570 mil millones de dólares y unos 320.000 empleados, el beneficio per cápita es de 180.000 dólares. Calculado, un empleado de Tether crea un valor equivalente a unos 280 empleados de Goldman Sachs y 560 de JPMorgan Chase.

Esta excepcional rentabilidad se basa en su asignación de activos altamente estratégica, beneficiándose principalmente de los ingresos estables de los bonos del Tesoro estadounidense a alto interés, el crecimiento exponencial del precio del oro y las enormes ganancias no realizadas aportadas por la revalorización de Bitcoin.

El núcleo que sostiene su vasto panorama es una exposición a bonos del Tesoro estadounidense de más de 1,27 billones de dólares (incluyendo una tenencia directa de 1,055 billones). Esto sitúa a Tether entre los 20 mayores tenedores de bonos del Tesoro estadounidense, superando a países soberanos como Alemania (1,026 billones), Emiratos Árabes Unidos (771 mil millones) y Australia (473 mil millones).

A principios de 2025, Tether poseía aproximadamente 80 toneladas de oro, pero en el tercer y cuarto trimestre aumentó intensamente sus posiciones, comprando 26 y 27 toneladas de oro respectivamente. El precio del oro casi se duplicó durante el año, con un aumento de más del 50% desde el tercer trimestre, y la revalorización del oro fue un pilar importante de los 150 mil millones de dólares de Tether.

A finales de 2025, las reservas totales de oro de Tether alcanzaron las 140 toneladas, situándose entre los 30 mayores tenedores de oro del mundo, superando a Corea del Sur (104,4 toneladas) y Australia (80 toneladas), y equiparándose con Brasil (145 toneladas).

Al mismo tiempo, las reservas de oro de Tether no solo fortalecieron la capacidad de resistencia de su balance, sino que también impulsaron a su stablecoin de oro XAUT a ocupar el primer lugar en cuota de mercado. Tether también lanzó recientemente la unidad mínima de oro "Scudo" (1 Scudo = 0,001 onzas) para facilitar el pago con tokens de oro.

De estas 140 toneladas de reservas de oro, aproximadamente 128 toneladas son reservas propias de la empresa, y el resto sirve como respaldo subyacente para XAUT. Estas lingotes de oro físicos se almacenan en su mayoría en cajas fuertes subterráneas de alta seguridad o búnkeres nucleares en Suiza.

La metáfora de la "base" de Ardoino y el "Arca de Noé" de Tether

Paolo Ardoino mostró serenidad ante los beneficios récord de Tether, prefiriendo definir el papel de Tether como un "Arca de Noé digital" que defiende contra las fluctuaciones sistémicas financieras.

Al citar la gran narrativa de la serie "Fundación" de Asimov, Ardoino insinuó que Tether está construyendo un "Arca de Noé digital" capaz de resistir el colapso sistémico de las monedas fiduciarias.

Ardoino cree que el actual orden financiero global necesita una infraestructura más resiliente. Por lo tanto, la lógica de inversión de Tether ha pasado del ecosistema de software a activos duros relacionados con la continuidad de la civilización.

Lideró una inversión de 1.150 millones de dólares en Neura Robotics, para posicionarse en tecnología robótica y asegurar futuros recursos de mano de obra física; continuó aumentando su participación en la empresa de satélites Satellogic, construyendo una red global de comunicaciones y pagos independiente de las interferencias geopolíticas tradicionales y capaz de operar en entornos extremos; mediante la adquisición estratégica del gigante agrícola sudamericano Adecoagro, controló indirectamente más de 200.000 hectáreas de tierras agrícolas, etc.

Ardoino cree que, una vez que el sistema financiero tradicional se detenga debido a crisis de deuda o conflictos, Tether, con sus activos duros como oro, capacidad de cálculo, satélites y tierras agrícolas, ya no será solo una herramienta de pago, sino que evolucionará hacia una infraestructura que sostenga la reconstrucción del orden social.

USAT y la competencia de cumplimiento contra Circle

Si los enormes beneficios de 150 mil millones de dólares son el escudo sólido de Tether, entonces USAT, lanzado oficialmente el 27 de enero, es su arma estratégica para ingresar en el mercado en tierra.

Aunque USAT en su fase inicial de emisión solo desplegó 10 millones de dólares en la red de Ethereum, como una de las primeras stablecoins federales cumplimentas diseñadas específicamente para cumplir con la "Ley GENIUS" de EE.UU. aprobada en julio de 2025, este lanzamiento de producto es la competencia de stablecoins de cumplimiento que Tether inició en el mercado nacional estadounidense.

En comparación con Circle (USDC), que está regulada por los departamentos bancarios estatales de EE.UU., USAT muestra una tendencia de superación posterior en el nivel regulatorio. Su entidad emisora es Anchorage Digital Bank, el primer banco nativo de criptomonedas con carta federal de EE.UU., lo que significa que está directamente sujeto a una estricta supervisión de la OCC (Oficina del Contralor de la Moneda).

Al mismo tiempo, el principal operador de Wall Street, Cantor Fitzgerald, actúa como custodio de las reservas, garantizando una alta transparencia y liquidez de los activos. Esta combinación otorga a USAT respaldo crediticio y, en cierta medida, diluye la prima de licencia de la que USDC se enorgullece.

En cuanto al mercado, USAT se lanzó rápidamente en plataformas de trading globales principales como Bybit, OKX, Kraken y MoonPay. Tether está utilizando la asombrosa riqueza obtenida en el mercado offshore para alimentar el mercado en tierra.

Con la circulación oficial de USAT, el dólar digital de Tether ha entrado oficialmente en una era de doble vía, "en tierra" y "offshore". Tether no solo está erosionando la cuota de mercado de sus competidores, sino que también se está armando con una doble armadura de oro físico y cumplimiento federal, asegurando una ventaja líder en la carrera contra el antiguo orden monetario.

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