Written by: Sanqing, Foresight News

On January 27, Tether CEO Paolo Ardoino disclosed in an interview with Fortune magazine that the company recorded a net profit of $15 billion for the fiscal year 2025. On the same day the interview took place, Tether officially announced the launch of its onshore stablecoin USAT, compliant with U.S. federal laws. This move marks Tether's strategic breakthrough from the "offshore gray area" to the "U.S. federal compliance system" after achieving substantial profits in 2025.

The "Gold Standard" Landscape Behind the $15 Billion Profit

The $15 billion net profit achieved by Tether in 2025 is seen as the pinnacle of the productivity revolution in the digital currency industry. This achievement not only breaks industry records but also realizes a miracle of over $100 million in profit per employee with a team size of approximately 100 to 150 people.

In comparison to traditional Wall Street giants, such as Goldman Sachs, which has an annual net profit of about $17 billion with around 47,000 employees, resulting in a profit per employee of $360,000; and JPMorgan, with an annual net profit of about $57 billion and around 320,000 employees, resulting in a profit per employee of $180,000. In comparison, the value created by one Tether employee is equivalent to about 280 Goldman Sachs employees or 560 JPMorgan employees.

This exceptional profitability is rooted in its highly strategic asset allocation, primarily benefiting from the robust returns of high-yield U.S. Treasury bonds, the exponential growth in gold prices, and the substantial unrealized gains from Bitcoin appreciation.

At the core of its vast landscape is an exposure to U.S. Treasuries exceeding $127 billion (including direct holdings of $105.5 billion). This positions Tether among the top 20 holders of U.S. Treasuries globally, surpassing sovereign nations like Germany ($102.6 billion), the UAE ($77.1 billion), and Australia ($47.3 billion).

At the beginning of 2025, Tether held about 80 tons of gold, but significantly increased its holdings in Q3 and Q4, purchasing 26 and 27 tons of gold, respectively. Gold prices nearly doubled over the year, with an increase of over 50% since Q3, making gold appreciation a crucial pillar of Tether's $15 billion profit.

By the end of 2025, Tether's total gold reserves reached 140 tons, ranking among the top 30 gold holders globally, alongside South Korea (104.4 tons) and Australia (80 tons), and is now on par with Brazil (145 tons).

During the same period, Tether's gold reserves not only enhanced the resilience of its balance sheet but also propelled its gold-backed stablecoin XAUT to capture the largest market share. Tether recently launched a fractional gold unit called "Scudo" (1 Scudo = 0.001 ounces) to facilitate easier payments with gold tokens.

Of the 140 tons of gold reserves, approximately 128 tons are corporate proprietary reserves, while the remainder serves as the underlying support for XAUT. Most of these physical gold bars are stored in highly secure underground vaults or bunkers in Switzerland.

Ardoino's "Foundation" Metaphor and Tether's "Noah's Ark"

Paolo Ardoino remains calm about Tether's record profits, preferring to define Tether's role as a "digital Noah's Ark" that defends against systemic fluctuations in the financial system.

By referencing the grand narrative of Asimov's "Foundation" series, Ardoino suggests that Tether is building a "digital Noah's Ark" capable of withstanding the systemic collapse of fiat currency systems.

Ardoino believes that the current global financial order requires more resilient infrastructure. Therefore, Tether's investment logic has shifted from software ecosystems to hard assets that concern the continuation of civilization.

Leading an investment of $1.15 billion in Neura Robotics to secure future physical labor resources; continuously increasing its stake in satellite company Satellogic to build a global communication and payment network that operates independently of traditional geopolitical disruptions and in extreme environments; and strategically controlling South American agricultural giant Adecoagro to indirectly manage over 200,000 hectares of farmland, among other initiatives.

Ardoino believes that once the traditional financial system halts due to a debt crisis or conflict, Tether, with its hard assets like gold, computing power, satellites, and farmland, will evolve from merely a payment tool to an infrastructure supporting the reconstruction of social order.

USAT's Compliance Competition Against Circle

If the $15 billion profit serves as Tether's solid shield, then the USAT, officially launched on January 27, is its strategic heavy weapon for entering the onshore market.

Although USAT initially deployed $10 million on the Ethereum network during its issuance phase, as one of the first federally compliant stablecoins designed to comply with the U.S. "GENIUS Act" passed in July 2025, this product launch represents Tether's entry into the compliance-based stablecoin competition in the U.S. market.

Compared to Circle (USDC), which is regulated by various state banking departments, USAT demonstrates a competitive advantage in regulatory hierarchy. Its issuing entity is Anchorage Digital Bank, the first crypto-native bank in the U.S. to obtain a federal charter, meaning it is directly subject to strict oversight by the OCC (Office of the Comptroller of the Currency).

At the same time, Wall Street primary dealer Cantor Fitzgerald serves as the reserve custodian, ensuring high transparency and liquidity of the assets. This combination provides USAT with credit backing and somewhat dilutes the licensing premium that USDC prides itself on.

In terms of market presence, USAT quickly launched on major global trading platforms such as Bybit, OKX, Kraken, and MoonPay. Tether is leveraging the astonishing wealth earned in offshore markets to reinvest in the onshore market.

With the official circulation of USAT, Tether's digital dollar has officially entered an era of parallel tracks of "onshore" and "offshore." Tether is not only encroaching on competitors' market shares but is also arming itself with the dual armor of physical gold and federal compliance, firmly securing its leading advantage in the race against the old currency order.

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