Tether, the issuer of the dominant stablecoin USDT and the tokenized gold asset XAUT, expects to achieve a net profit of approximately $15 billion in 2025, as revealed by CEO Paolo Ardoino during an interview at the Plan B Forum in Lugano, Switzerland on October 24, 2025. This projection marks an increase from over $13 billion in net profit recorded in 2024, which was more than double the $6.2 billion profit in 2023, highlighting a consistent growth trajectory.
Tether's profit margin is an exceptional 99%, attributed to high interest rates on reserves and a low-cost, Treasury-backed business model. The company's equity has surpassed $20 billion, supported by rising values of Bitcoin and gold in its reserves. In Q2 2025, Tether posted a record $4.9 billion profit, and it has pivoted to increasing gold reserves, with XAUT seeing growing demand.
The stablecoin market has expanded to around $316 billion in 2025, according to CoinMarketCap, with Tether holding a dominant share. USDT, the world's largest stablecoin, circulates nearly $186 billion and has reached about 500 million verified users, or 6.25% of the global population. This growth is fueled by broader crypto trends, including Bitcoin trading near $110,000 and increased stablecoin use in payments and DeFi.
Concurrently, Tether is exploring a funding round of up to $20 billion at a $500 billion valuation, which would rank it among the top private firms globally. Ardoino noted that the company is attracting interest from high-profile investors but is selective about valuation. Regulatory support, such as the U.S. GENIUS Act, has accelerated stablecoin adoption, with Tether co-founder Reeve Collins predicting that all major fiat currencies will become tokenized in the next decade.
