Per Capita Profit of $85 Million, Outshining Goldman Sachs and Nvidia: The World's Most Profitable Business Isn't AI
An article titled "Per Capita Profit of $85 Million, Surpassing Goldman Sachs and Nvidia: The World's Most Profitable Business Isn't AI" discusses the remarkable financial performance of Tether, the company behind the USDT stablecoin.
In 2024, Tether reported a net profit of $13 billion with only about 150 employees, resulting in a staggering per capita profit of approximately $85.62 million. This figure is nearly 300 times that of Goldman Sachs and 85 times that of Nvidia.
Tether's highly profitable business model is described as a "stablecoin float game." Users exchange $1 for 1 USDT, and Tether uses this capital to purchase U.S. Treasury bonds, which yield over 5% annually. Since USDT pays no interest to its holders, Tether captures the entire spread. By the end of 2025, Tether's U.S. Treasury holdings reached $141 billion, making it the 17th largest holder globally. It also holds significant assets in gold and Bitcoin, which have contributed substantial additional gains.
The article positions Tether as a global "shadow bank" that operates 24/7, offering a crucial service, especially in emerging markets with high inflation and capital controls. It highlights the inefficiencies of the traditional SWIFT payment system, which can take days and charge high fees, compared to USDT transfers, which are nearly instantaneous and cost very little on networks like Tron.
The concept of "Pay-Fi" (Payment Finance) is introduced, where next-generation financial protocols enable value transfer and interest generation simultaneously. The stablecoin market is diversifying, with USDT dominating offshore payments and USDC leading in compliant, institutional scenarios.
Finally, the article details Tether's ambitious expansion into new areas, including investing over $2 billion in Bitcoin mining operations, over $1 billion in AI computing infrastructure, and significant investments in AI robotics. This strategy is aligned with a vision of a future economy where autonomous agents and robots use digital currencies like USDT for value exchange. The regulatory landscape is also evolving, with new U.S. and E.U. laws providing clearer frameworks for stablecoins, and traditional financial institutions like Cantor Fitzgerald becoming stakeholders.
The core conclusion is that the definition of money is subtly shifting from sovereign central banks towards more efficient, low-friction digital networks, with Tether positioned at the forefront of this transformation.
marsbit02/25 11:06
