Average profit per person is 85 million, surpassing Goldman Sachs and NVIDIA. The world's most profitable business isn't AI.

Author | Clow

Author: Blockchain in Plain Language

In 2024, a company named Tether delivered a report that stunned Wall Street.

$13 billion in net profit, with about 150 employees.

Per capita profit is approximately $85.62 million, nearly 300 times Goldman Sachs, and 85 times NVIDIA.

This is not an AI unicorn or a top hedge fund. It is simply a stablecoin issuer—the company that issues USDT.

When these figures circulated in the financial world, many people’s first reaction was: How is this possible?

But if you understand Tether’s business model, you’ll find that it’s not just possible—it’s even inevitable.

1. The most profitable business in the world

Tether’s profit logic is known in the industry as the “Stablecoin Float Game.”

The rules are simple: you give Tether $1 and receive 1 USDT. Tether takes your money and buys U.S. Treasuries.

Long-term, the annual yield on U.S. Treasuries stays above 5%, while USDT never pays any interest.

The difference between these is all kept by Tether.

By the end of 2025, Tether’s total holdings of U.S. Treasuries reach $141 billion, making it the 17th largest holder of U.S. debt globally, surpassing Germany and South Korea.

Just U.S. Treasuries alone contribute over $4 billion in cash flow annually.

And this is only the first layer.

The second layer involves gold and Bitcoin. Tether holds about $17 billion worth of gold and over 96,000 Bitcoin. The sharp rise in gold prices in 2025 has brought an additional floating profit of over $5 billion.

The third layer is liquidity premium. What do those who forgo 5% yields on government bonds get in return? Digital dollars that can be used anytime in Turkey, Argentina, Nigeria. For markets plagued by high inflation and foreign exchange controls, this liquidity is more valuable than a 5% annual yield.

Essentially, Tether is a global “shadow bank” without branches or tellers, operating year-round, dedicated to capturing the huge spreads missed by the inefficient traditional financial system.

2. Breaking down the walls of traditional payments

The SWIFT system was built in the 1970s. Half a century later, its core logic remains unchanged: intermediary banks relay messages through multiple nodes, taking 3 to 5 business days at best, with fees up to 7%.

A transfer from the U.S. to Nigeria must go through the sending bank, intermediary banks, and receiving bank, each leaving their own fees.

Moreover, these banks operate only during business hours. A transfer initiated on Friday evening might not start processing until the following Monday.

In contrast, a USDT transfer on the Tron network can arrive in the recipient’s wallet in under 30 seconds for less than $1, operating 24/7, all year round.

The cost difference is staggering. Traditional B2B cross-border payments typically have total fees between 1.5% and 7%, sometimes over 11% for personal remittances; while stablecoin networks usually cost only 0.5% to 2%.

The deeper impact is on “reach.”

Hundreds of millions of adults worldwide still lack bank accounts. But with a phone and internet access, they can create a crypto wallet and connect to global trade. In Africa and Latin America, USDT has become a common tool for small and medium enterprises to pay international suppliers.

By 2025, a new generation of Web3 POS systems will use NFC technology for “tap-and-pay,” bringing crypto payments to retail checkout counters.

This wall is being broken down from all directions.

3. Pay-Fi: The rewriting of money logic

Payment + finance now has a new name: Pay-Fi (Payment Finance).

Traditional payments solve the problem of “money from A to B.” Pay-Fi aims to solve the problem of “money from A to B while earning interest on the way.”

Protocols like Huma Finance are tokenizing corporate accounts receivable, providing instant on-chain financing through liquidity pools, easing prepayment pressures in cross-border trade. By early 2026, Huma’s total transaction volume has exceeded $10 billion, with T+0 real-time clearing attracting increasing attention from traditional financial institutions.

The underlying infrastructure war is also underway. Ethereum Layer 2 solutions significantly reduce on-chain transaction costs via Rollup technology; Celestia and EigenDA further lower data storage costs, enabling large-scale micro-payments. Meanwhile, Tron, with its massive USDT holdings and ultra-low transfer fees, remains the busiest stablecoin settlement network globally.

The stablecoin market itself is also diversifying. USDT dominates offshore payments and emerging markets with about 59% market share; USDC, with its compliance and transparency, has gained favor among licensed U.S. institutions, capturing most institutional and compliant transfer/settlement scenarios. PayPal’s PYUSD targets retail via merchant networks; Ripple’s RLUSD aims at interbank large-value settlements.

The market is no longer dominated by a single player but is moving toward specialized division of labor.

4. Tether’s boundary of ambition

With such profits, what does Tether plan to do?

Buy mining farms. In Uruguay, Paraguay, El Salvador, Tether has invested over $2 billion to establish 15 energy and Bitcoin mining sites, aiming to become the world’s largest Bitcoin miner.

Invest in AI. Through channels like Northern Data Group, Tether has invested over $1 billion in AI computing infrastructure.

Buy robots. By the end of 2025, Tether will invest €70 million in Italy-based AI robot startup Generative Bionics; simultaneously, it is considering up to $1.15 billion investment in German robotics company Neura, aiming to produce 5 million humanoid robots by 2030.

The logic behind this is simple: in an economy operated by AI agents and autonomous robots, their value exchange requires an instant, programmable digital currency. USDT is the most obvious candidate for this role.

Regulatory developments are also supporting this story. In July 2025, the U.S. signed the GENIUS Act into law, opening a legal pathway for regulated stablecoin issuance, explicitly excluding stablecoins from securities and commodities. The EU’s MiCA framework was fully implemented the same year, bringing stablecoins from the “gray area” into mainstream regulation.

Wall Street’s core circles are also entering the game. Cantor Fitzgerald, a primary dealer in U.S. Treasuries, holds about 5% of Tether’s shares; its CEO, Howard Lutnick, has publicly endorsed Tether’s reserves multiple times. This deep integration means Tether is no longer just a crypto project but has quietly embedded itself into the traditional financial network.

5. Summary

From a stablecoin issuer to a top 20 U.S. debt holder, and now an investor in robotic factories—every step of Tether’s expansion points in the same direction:

The power to define money is quietly shifting from sovereign printing presses to more efficient, frictionless digital networks.

This is not a revolution but infiltration.

SWIFT still runs, banks still open, the Federal Reserve still adjusts interest rates. But another system is growing rapidly in the gaps between them.

For everyone involved, perhaps it’s worth asking:

In the next decade, where will your money operate?