Tether, the issuer of the world's largest stablecoin USDT, is undergoing a massive expansion, building a diverse investment portfolio and aggressively hiring while its user base continues to grow despite a declining crypto market. According to a Financial Times report, Tether has built a portfolio of 140 investments, spanning sectors from South American agriculture to a stake in Italian football club Juventus, all funded by profits from its USDT operations.
The company has expanded its workforce to 300 employees and plans to add another 150 staff over the next 18 months, with a focus on engineers. CEO Paolo Ardoino outlined a vision for a global "freedom tech stack" across finance, intelligence, communications, and energy at a recent conference in San Salvador. The hiring spree extends beyond engineering, with LinkedIn listings showing openings for AI filmmakers in Italy, venture investment associates in the UAE, and regulatory affairs leads in Ghana and Brazil.
This expansion is backed by immense profitability. USDT's market value has soared from $5 billion in 2020 to $185 billion, serving an estimated 500 million users. The company generates tens of billions in annual profit from returns on the assets backing USDT, which it retains rather than distributes to token holders.
Separate data reveals that Tether's growth momentum is unshaken by broader market woes. In Q4 2025, USDT reached a market capitalization of $187.3 billion, marking the eighth consecutive quarter of adding over 30 million users. The total estimated user base grew by 35.2 million in the quarter, pushing the cumulative figure to 534.5 million. On-chain holders saw the largest quarterly growth ever, increasing by 14.7 million to 139.1 million.
Tether's total reserves rose to $192.9 billion in Q4, including 96,184 BTC (an increase of 9,850 BTC), 127.5 metric tons of gold, and $141.6 billion in US Treasuries. In 2025 alone, the company added $28.2 billion of US Treasuries, ranking as the seventh-largest purchaser globally, surpassing countries like Taiwan and South Korea.
The company's aggressive moves come with increased scrutiny. Tether has shifted its headquarters to El Salvador, welcomed by President Nayib Bukele, and is building an office tower there. It maintains close ties to Cantor Fitzgerald, which custodies its Treasury holdings. The company is also recruiting former Trump administration members for its U.S. expansion. A planned $15-$20 billion funding round targeting a $500 billion valuation faced investor pushback, with advisers now exploring a raise of around $5 billion. CEO Ardoino stated the higher figure was never a firm target and that Tether does not urgently need outside capital.
Transparency remains a point of discussion. Tether publishes quarterly attestations from BDO Italia but does not provide full audits. New York officials have raised concerns about the extent of its law enforcement assistance, though Tether says it works voluntarily with U.S. agencies.
