What happened? Bitwise’s CIO says Tether could become the world’s most profitable company if it grows to about $3 trillion in assets.
Matt Hougan argued in a memo that at current interest rates a $3 trillion Tether would generate profits that could top historical corporate records like Saudi Aramco’s. Tether already dominates the stablecoin market, especially in non-Western and emerging markets, and earns large interest income from Treasury holdings. The company is pursuing big valuations and institutional adoption that make the scenario plausible if adoption keeps accelerating.
Who does this affect? Emerging market users, payment networks, banks, crypto investors, and regulators would all feel the impact.
Everyday users in countries with weak local currencies could shift to USDT for savings and payments, boosting Tether’s assets under management. Payment processors, wallets, and banks integrating stablecoins would see bigger volumes and new revenue streams, while crypto investors and stablecoin competitors would face a more concentrated market. Regulators and policymakers would be forced to respond to the systemic and monetary implications of a single dominant stablecoin.
Why does this matter? It could reshape global payments, concentrate financial power, and trigger major market and regulatory ripple effects.
If stablecoins like USDT capture even a small slice of the global payments market, trillions could flow through crypto rails, shifting fee and interest income away from traditional banks and into a few private issuers. That concentration of assets would attract competitors and heavier regulation, change how cross-border payments work, and increase scrutiny on reserve management and systemic risk. Overall, markets would need to price in new winners and new risks across payments, treasury markets, and global finance.