Tether, a popular stablecoin issuer, has reported massive quarterly profits alongside its attestations reports. Its net profit since Q4 2022 amounts to $12.72 billion, surpassing BlackRock's $9.83 billion. However, the profits reported by Tether include the unrealized gains from its bitcoin and gold holdings as well as the profits from US Treasurys, which inflates its numbers. Tether's attestations show that there is more than enough reserve backing for all of its tethers in circulation. The majority of Tether's reserves consist of short-dated US Treasurys, followed by reverse repurchase agreements, money market funds, secured loans, and bitcoin. Tether's profits are highly influenced by the performance of its bitcoin holdings, with bitcoin contributing nearly half of its reported quarterly profits. In the last quarter, Tether reported $1.3 billion in profit, a significant decrease from the previous quarter due to the decline in bitcoin prices. It is estimated that Tether is currently the most profitable crypto company and one of the most profitable companies overall. The comparison between Tether's profits and BlackRock's profits depends on whether the profits from bitcoin and gold are included. Without these profits, Tether's earnings from US Treasurys would fall just shy of surpassing BlackRock's profits. Nonetheless, Tether's profitability is expected to continue growing in the coming years, potentially surpassing BlackRock in the future.



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