Tether

What Tether does

Tether is the world's largest stablecoin issuer, operating USDT — a US dollar-pegged token with a circulating supply of approximately $187 billion representing roughly 59% of the total stablecoin market as of mid-2026. The company deploys USDT across 16+ blockchain networks (Ethereum, TRON, Solana, TON, Polygon, Arbitrum, Plasma, Spark, Bitcoin via RGB, and more) and extends reach with USDT0, a cross-chain stablecoin built on LayerZero's Omnichain Fungible Token standard with over $100 billion in cumulative on-chain volume. Beyond USDT, Tether issues XAUT, a tokenized gold product backed 1:1 by physical gold in Swiss vaults, and has launched USAt as a US-regulated dollar stablecoin; it previously launched Alloy/aUSDT, which was wound down in June 2026 due to weak adoption.

The company's technology stack includes WDK (Wallet Development Kit), an open-source TypeScript SDK for building multi-chain self-custodial wallets across Bitcoin, Ethereum, Solana, TON, TRON, and Spark, plus Tether Wallet (a consumer-facing mobile wallet), modular Bitcoin Mining OS with the Mining Development Kit (MDK), and an AI developer tooling layer (MCP Toolkit, Agent Skills, x402 Payments) targeting AI-agent commerce. Tether also develops proprietary immersion-cooled Bitcoin mining hardware in partnership with Canaan and ACME Swisstech and operates the T3 Financial Crime Unit, which has frozen over $450 million in illicit assets across more than 4,000 addresses since its 2024 launch.

Tether's business model is anchored in yield on the reserves backing USDT and other tokens — approximately $141 billion in US Treasuries, $20 billion in gold, $7 billion in Bitcoin, and $15.8 billion in CeFi loans alongside $4.5 trillion in quarterly transfer volume. The company reported over $10 billion in profits during 2025 and approximately $1.04 billion in Q1 2026 net profit with $8.23 billion in excess reserves against ~$191.8 billion in total assets. Tether distributes through centralized cryptocurrency exchanges, OTC/P2P networks, fintech integrations (Oobit for Brazil's PIX, Lydian/Shift4 for 200,000+ merchants, Fasset for a gold-backed Visa card), DeFi protocols, and Bitcoin mining infrastructure, reaching 570 million+ end users globally. The legal entity is Tether Data, S.A. de C.V. (El Salvador), with parent iFinex Inc. also controlling Bitfinex; Tether decided not to seek EU MiCA authorization, triggering USDT delistings across EEA venues in mid-2026.

Name

Tether

Legal name

Tether Data, S.A. de C.V.

Website

https://tether.io

Company type

Private

Founded year

2014

Operating status

Operating

Headcount range

101–250 employees

Short description

Tether is the world's largest stablecoin issuer, operating USDT — a $187 billion US dollar-pegged token across 16+ blockchains with 59% market share — and XAUT tokenized gold, backed by approximately $193 billion in reserves including $141 billion in US Treasuries and generating over $10 billion in profits in 2025.

Ownership category

akta.pro rank

Product category

Stablecoin Issuance and Digital Asset Infrastructure

NAICS

Financial Transactions Processing, Reserve, and Clearinghouse Activities (522320), Securities and Commodity Exchanges (52321), Securities and Commodity Contracts Intermediation and Brokerage (5231)

SIC

Security & Commodity Brokers, Dealers, Exchanges & Services (6200), Security Brokers, Dealers & Flotation Companies (6211), Finance Services (6199)

akta.pro primary industry

Stablecoin Issuers (Fiat-Backed) (FSADADAA)

akta.pro secondary industries

Stablecoin Payment Rails & Settlement Networks (Issuer-Led) (FSADADAF), On-Chain Payments & Stablecoin Infrastructure (Issuance, Rails, Treasury) (FSAGAMAD), Mint/Redeem, Issuance APIs & Treasury Operations Platforms (FSADADAE), Compliance, Risk & RegTech for Tokenized Assets (KYC/AML, sanctions, travel rule, reporting) (FSAPAIAH), Crypto Payments & Stablecoin Settlement Platforms (BPAMAFAL)

Keywords

• Stablecoin issuance
• Dollar-pegged tokens
• Tokenized gold
• Digital wallet infrastructure
• Cross-chain payments

Headquarters

HQ city

Seattle

HQ country

United States

HQ region

North America

Offices3 records

Markets served

GTM type

B2B

Offering type

Software

Cost components

Technology or R&D, Personnel, Operations, Others, Infrastructure

Revenue model

1. Stablecoin Issuance and Reserve Management: Tether earns returns on its reserve assets (US Treasuries, gold, Bitcoin, secured loans) which generate income beyond the 1:1 backing requirement for USDT tokens. With $141B in US Treasury holdings and $20B in gold, even modest yields generate substantial excess reserves. Tether reported over $10 billion in profits during 2025 and record $8.23B excess reserves in Q1 2026 against total assets of ~$191.8B.
2. Strategic Equity Investments: Tether generates returns through equity investments in portfolio companies across AI/robotics (NEURA Robotics $1.4B round), Bitcoin mining (Bitdeer 19.7% stake, Canaan orders), fintech (Mercado Bitcoin $20M, Belo $14M, Oobit $25M, Whop $200M), and digital assets (Twenty One Capital, Gold.com $150M). Investment exits include selling Bitdeer shares for $12.7M profit.
3. Bitcoin Mining Operations: Tether operates Bitcoin mining infrastructure through modular, immersion-cooled systems at South American facilities. Partnership with Canaan for custom ASIC hash boards and ACME Swisstech for housing. Open-source Mining OS and MDK framework reduce operational costs. Bitdeer stake and Canaan orders support mining expansion.
4. Cross-Border Payment and Remittance Rails: Tether earns from the volume of USDT transactions in cross-border payments, remittances, and DeFi. $4.5 trillion in stablecoin transfer volume in Q1 2026. Partnerships with Oobit (PIX integration for Brazil), Fasset (gold Visa card), and merchant payment networks (200,000+ locations) capture payment flow.

Pricing tiers

Go-to-market motion3 records

Distribution channels7 records

Marketing channels6 records

Core offering

Tether issues the USDT dollar-pegged stablecoin and related digital asset tokens (XAUT tokenized gold, USAt US-regulated dollar, USDT0 cross-chain variant), backed by reserves of US Treasuries, gold, Bitcoin, and secured loans. The company operates multi-chain token infrastructure across 16+ blockchain networks, an open-source Wallet Development Kit (WDK) SDK, the Tether Wallet consumer application, and proprietary Bitcoin mining infrastructure. Revenue is primarily generated from returns on the $193 billion reserve portfolio, supplemented by strategic equity investments and Bitcoin mining operations.

Product overview

Tether Operations Limited is the world's largest stablecoin issuer, operating a diversified portfolio of digital token products and technology infrastructure. The core offering is USDT, the dollar-pegged stablecoin commanding approximately 59% of the stablecoin market with $184+ billion in circulating supply and $4.5 trillion in quarterly transfer volume. Complementing USDT are XAUT (tokenized physical gold backed by Swiss-vaulted reserves), USA₮ (a U.S.-regulated dollar stablecoin), and Alloy/aUSDT (a now-discontinued synthetic gold-backed dollar product). Tether has expanded into developer infrastructure through WDK (Wallet Development Kit), an open-source TypeScript SDK for building multi-chain self-custodial wallets that supports Bitcoin, Ethereum, Solana, TON, TRON, and Spark with composable modules for swaps, bridges, lending, and fiat on-ramps. USDT0 extends USDT across 23 chains via LayerZero's Omnichain Fungible Token standard. Tether Wallet is the consumer-facing mobile wallet built on WDK, supporting USD₮, USA₮, XAU₮, and Bitcoin. Tether has further diversified into Bitcoin mining infrastructure (MDK, Mining OS, partnerships with Canaan and ACME Swisstech), AI/robotics (leading $1.4B investment in NEURA Robotics), Latin American fintech (Mercado Bitcoin), and emerging stablecoin payment initiatives including national currency stablecoins (GEL₮ with Georgia) and AI-agent payment infrastructure.

Differentiator

Problem solved

Functional benefit

Brands

• Alloy (aUSDT): Synthetic dollar product backed by Tether Gold (XAUt) - discontinued June 2026 due to weak adoption
• Tether Gold (XAUT)
• USDT
• USAt (USAUT)
• USDT0

Products and services

• USDT (Tether) USD-pegged stablecoin with market capitalization exceeding $184 billion as of mid-2026, representing approximately 59% of the total stablecoin market. Available across 16+ blockchain networks including Ethereum, TRON, Solana, Polygon, Arbitrum, Plasma, TON, and Spark, with $4.5 trillion in quarterly transfer volume. Used by cryptocurrency exchanges, DeFi protocols, fintech platforms, merchants, and individual users for trading, payments, remittances, and dollar-denominated savings.
• XAUT (Tether Gold) Tokenized gold product backed 1:1 by one fine troy ounce of physical gold stored in Swiss vaults. Each token represents direct ownership of gold that can be transferred programmatically, used as DeFi collateral, or spent via the Fasset gold-backed Visa card. Tether holds approximately $23 billion in gold reserves across USDT and XAUT products.
• USAt (USAUT) Federally regulated dollar-backed stablecoin issued under US regulatory framework. Designed for compliant US market distribution and supported within the Tether Wallet application.
• USDT0 Cross-chain stablecoin solution built on LayerZero's Omnichain Fungible Token standard, pegged 1:1 to USDT. Natively integrated across 23 chains including Arbitrum, Polygon, and Plasma. Has surpassed $100 billion in cumulative on-chain transaction volume with approximately $4.1 billion in current circulation.
• Tether Wallet Self-custodial multi-chain mobile wallet built on WDK, available on iOS and Android. Supports USDT, USAt, XAUT, and Bitcoin across Ethereum, Polygon, Plasma, Arbitrum, Bitcoin (on-chain), and Bitcoin Lightning networks. Features @tether.me human-readable usernames, cloud and manual backup, and gasless transaction support via EIP-7702.
• WDK (Wallet Development Kit) Open-source TypeScript SDK and toolkit for building production-grade, self-custodial, multi-chain wallet applications. Supports Bitcoin, Ethereum, Solana, TON, TRON, and Spark via composable wallet modules; protocol modules for swaps, bridges, lending, and fiat on-ramps; an Indexer API; React Native UI Kit; and AI tooling (MCP Toolkit, Agent Skills). 100K+ wallets created, 50+ chains supported, fully open source with no vendor lock-in.
• Bitcoin Mining Infrastructure (Mining OS + MDK) Proprietary modular Bitcoin mining systems co-developed with Canaan Inc. (ASIC hash boards) and ACME Swisstech (housing), optimized for immersion cooling at South American facilities. Includes proprietary Mining OS and the open-source Mining Development Kit (MDK) framework providing unified control over hardware, data, and operations across the mining stack.
• Alloy (aUSDT)

Quantifiable outcome

• Record $8.23 billion excess reserves in Q1 2026 against $191.8 billion in total assets, demonstrating strong financial backing
• +4 more outcomes

Named customers10 records

Segments4 records

Ideal customer profiles5 records

Technology focussed Yes

API detail

Has API

Yes

API docs

API detail

Core technology

AI maturity

App detail

Integration2 records

AI capability4 records

Feature8 records

Partnerships

Five partnerships are on record, tiered minor and core.

• DMCC (Dubai Multi Commodities Centre)minorStrategic or Co-development Partner · 16 June 2026Tether signed a non-binding MoU with DMCC to collaborate on tokenization of real-world assets, digital payments, and blockchain education. DMCC is a Dubai free zone hosting 26,000+ companies from 180 countries, accounting for ~15% of Dubai's FDI. Partnership will explore USDT payment pilots and RWA tokenization within DMCC's network.
• CanaancoreTechnology or IntegrationTether partnered with Canaan Inc. and ACME Swisstech to develop modular Bitcoin mining infrastructure using application-specific hash board modules optimized for immersion cooling. Canaan supplies ASIC hash boards while Tether built its own control boards and management systems. Equipment deployed at Tether-affiliated South American mining facilities with option for additional module volume.
• LedncoreTechnology or IntegrationTether and Ledn launched XAUT tokenized gold-backed borrowing, enabling holders to access USDT or USAt liquidity against gold collateral without liquidating positions. Ledn holds collateral one-to-one without rehypothecation. Product expected to go live before end of 2026. Ledn has originated over $10 billion in loans since 2018.
• Lydian and Shift4coreChannel Partner/ Reseller/ DistributorTether partnered with Lydian and Shift4 to enable USDT payments at more than 200,000 merchant locations using Shift4's payment processing network. This accelerates stablecoin adoption in retail and online commerce by embedding USDT into existing merchant payment infrastructure.
• City of Lugano (Plan B Partnership)minorStrategic or Co-development PartnerTether's Plan B partnership with the city of Lugano, Switzerland includes 500 student education grants for blockchain and Bitcoin-focused programs, announced in 2023 and ongoing.

Scale indicators11 records

Recent moves6 records

Expansion highlights8 records

Direct peers

• Circle: Issuer of USDC, the second-largest fiat-backed stablecoin with $30B+ supply. Circle is Tether's closest direct competitor, competing on liquidity, exchange listings, and institutional adoption while differentiating through regulatory compliance (MiCA, US-licensed) versus Tether's non-compliance strategy.
• MakerDAO / Sky: Decentralized protocol issuing DAI/USDS, a crypto-backed stablecoin competing directly with USDT in DeFi liquidity and trading pairs. Sky's Stablecoin FX Layer on Uniswap v4 directly competes with USDT for institutional settlement flow.
• Ripple: Issuer of RLUSD, a newly launched US-regulated stablecoin targeting institutional payments and cross-border settlement. Ripple's banking relationships and regulatory positioning make it a credible Western competitor to USDT's emerging market dominance.
• Paxos: Regulated issuer of USDP and previously BUSD, providing fiat-backed stablecoin infrastructure with strong compliance and institutional focus. Paxos competes for regulated stablecoin issuance and tokenization services that Tether has chosen not to pursue under MiCA.

Emerging players

• PayPal: Issuer of PYUSD stablecoin integrated across PayPal's 400M+ user base and Venmo. PayPal's consumer reach and regulatory positioning make PYUSD a growing competitor for retail stablecoin adoption in regulated markets.
• Ethena: Issuer of USDe, a synthetic dollar protocol using crypto collateral and delta hedging. Ethena's yield-bearing stablecoin model is gaining traction in DeFi and represents a novel competitive approach versus Tether's traditional reserve-based model.
• First Digital Labs: Issuer of FDUSD stablecoin, primarily distributed through Binance. FDUSD represents a competing fiat-backed stablecoin with significant Asian market penetration, directly contesting USDT's dominance on regional exchanges.

Broad incumbents

• Bitfinex: Cryptocurrency exchange controlled by the same parent (iFinex Inc.) as Tether. Bitfinex is one of USDT's largest distribution venues and historically its primary commercial partner, making it the closest affiliated incumbent in the Tether ecosystem.
• Coinbase: US-listed cryptocurrency exchange and primary distribution venue for USDC. Coinbase's MiCA-compliant USDC positioning and decision to delist USDT for EU users makes it both a key distribution channel and a competitive threat in regulated markets.
• Stripe: Major payments processor that has integrated stablecoin rails (including USDC) into its commerce stack. Stripe's adoption of stablecoin settlement for merchants creates competitive pressure on Tether's emerging merchant payment initiatives.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

• GitHubgithub.com/tetherto/wdk-core
• Xx.com/tether_to
• Facebookfacebook.com/tether.to
• LinkedInlinkedin.com/company/tether

Revenue estimate

Valuation estimate

Number of profiles

Profiles10 records

Subsidiaries7 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A3 records

Investments66 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Tether