Tether emerged as a dominant stablecoin issuer, reaching an approximate $167 billion market capitalization with roughly 200 employees and about $13 billion in annual profits. The company has faced long-running accusations of opacity, compliance failures, a settlement with the New York attorney general, and a reported investigation by the U.S. Department of Justice's Southern District of New York. Questions persisted about the custody and transparency of the U.S. Treasury assets backing the stablecoin, and critics alleged reserve shortfalls while the company denied those claims. A 2023 partnership with Cantor Fitzgerald and subsequent political alignments coincided with regulatory developments that benefited the stablecoin sector.
Tether is the most captivating story you've never heard of. A first mover in the stablecoin space, Tether's flagship product has grown to a monster $167 billion in market cap with just around 200 employees and $13 billion in profits last year, making it one of the most successful corporations on the planet. (And it was cofounded by a Mighty Duck, but that's a story for another time.)
And yet, the company has been dogged by accusations of opacity, compliance blunders, and worse throughout its decade-long history, including a settlement with the New York attorney general and a reported investigation by the Department of Justice's Southern District of New York office. Just last year, it seemed the crypto giant was marching into the crosshairs of the SDNY-a potential existential threat for a company that needs access to U.S. Treasuries to survive.
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