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Bitcoin (CRYPTO: BTC) wanted to upend the financial system; Tether (CRYPTO: USDT) quietly built one of its own. With more than $135 billion parked in U.S. Treasuries — more than South Korea — and $10 billion in profits this year alone, the world's biggest stablecoin issuer has become something the crypto world never intended to create: a central bank in all but name.
Tether's latest attestation report shows $181 billion in reserves backing its tokens, giving it immense influence over global liquidity. The company's exposure to Treasuries now places it among the top 20 holders of U.S. government debt, a feat no regulator — or rival — could have envisioned a few years ago.
While Bitcoin evangelists still preach decentralization, Tether has done something far more tangible: become a key buyer of American debt, effectively underwriting part of the traditional system it was meant to disrupt.
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In an era when central banks are tightening and crypto lenders are imploding, Tether is minting cash. It reported $10 billion in net profit across the first three quarters of 2025 — more than many S&P 500 banks — and holds $6.8 billion in excess reserves.
It's also venturing far beyond finance, pouring profits into AI, energy and peer-to-peer communications projects that hint at a future where digital money powers real-world infrastructure.
What began as a dollar-backed escape from fiat now props up the same system. Tether's dominance underscores crypto's great irony: the industry's most "stable" force depends entirely on the U.S. dollar and the financial machinery behind it. The difference?
Tether isn't answerable to voters, regulators, or the Federal Reserve.
Bitcoin may still hold the dream of decentralization — but Tether holds the cash, the collateral and increasingly, the power. As long as investors crave a digital dollar, Tether's reign as crypto's shadow central bank looks anything but unstable.
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Photo: Steve Heap via Shutterstock
