Tether just made over $1 billion in Q1 2025 - and somehow, that’s a letdown. A year ago, it raked in $4.52 billion, riding Bitcoin’s parabolic climb. But with BTC down 12% this Q1 and Tether’s crypto bags not mooning, the profit margin looks mortal. Still, $1B isn’t nothing. It's the yield from nearly $120 billion parked in U.S. Treasuries - an absurd flex for a stablecoin issuer still lacking a full audit.
That might change soon. CEO Paolo Ardoino says Tether’s talking to Big Four firms about its first-ever full reserve audit, likely to stay afloat if Congress pushes stablecoin scrutiny. Tether might not bend though - it’s hinting at a U.S.-compliant coin to play by D.C.’s rules, while USDT remains offshore and unbothered.
Meanwhile, World Liberty Financial - yes, that Trump-linked crypto firm - just declared its USD1 stablecoin “the official” token to close a $2B deal between Abu Dhabi’s MGX and Binance. With Trump’s sons, Tron’s Justin Sun, and CZ orbiting this saga, it feels like stablecoin wars are gearing up for a red-hat revolution.
Tether's still king with $148B in circulation, but challengers are rolling up with politics, patriotism, and promises of clean audits. In a market this wild, even $1 billion can feel like playing defense.
