Tether, best known as the issuer of the USDT stablecoin, has revealed ambitious plans to transform itself into the world’s largest bitcoin miner by the end of 2025.
CEO Paolo Ardoino boldly declared during his keynote at Bitcoin 2025 in Las Vegas,
“By the end of this year, I think Tether will be the world's largest bitcoin miner. Tether has invested $2 billion in bitcoin mining and energy-related businesses for it.”
Tether’s commitment to the cryptocurrency ecosystem has evolved beyond simply issuing stablecoins — it now extends to bitcoin mining.
Ardoino explained the move behind mining,
“Tether is serious about Bitcoin and is also mining to help maintain network stability.”
As of the first quarter of 2025, Tether now holds over 100,000 Bitcoin — valued at more than $10 billion — and more than 50 tons of physical gold bars, worth around $6 billion.
This mix of digital and traditional assets highlights the company’s approach to diversify reserves away from pure fiat-backed instruments.
On stage, Ardoino acknowledged the tension between Bitcoin purists and those who support gold, but defended the decision.
He shared,
“Many bitcoiners don't like talking about gold as if gold would take away something from Bitcoin. There is no way. Bitcoin is perfect. Gold is imperfect. Gold is not competing with bitcoin; gold is competing with fiat and that’s why we like a little bit of gold.”
Alongside its Bitcoin and gold holdings, Tether also owns an eye-watering $120 billion in short-term U.S. Treasury Bills — putting it among the top global holders of American government debt.
Source: X
These assets serve as the collateral base for USDT, now the most traded stablecoin globally.
In 2024 alone, Tether generated an estimated $13 billion in profit, making it arguably the most profitable company in the crypto industry today.
According to Ardoino, Tether’s market capitalisation sits around $153 billion, with 420 million users worldwide — including 138 million off-chain users accessing USDT through third-party platforms.
Ardoino used the platform to remind audiences that Tether’s core mission remains financial inclusion.
He said,
“Even now, 13 million Tether wallets are being created every quarter because Tether is playing a digital dollar role.”
The stablecoin has grown far beyond crypto trading — it's now used for payments, savings, and remittances across global communities.
USDT is responsible for 62% of all spot trading volume on centralised exchanges, according to data shown at the event.
Its widespread adoption has made it a financial lifeline in regions with unstable banking systems.
Tether isn’t alone in its move toward crypto treasuries.
During the bitcoin conference, French football giant Paris Saint-Germain announced it would begin adding Bitcoin to its balance sheet, while Cantor Fitzgerald Asset Management revealed its upcoming “Gold Protected Bitcoin Fund.”
The fund will give investors exposure to BTC with a “1-to-1 downside protection based on the price of gold,” aiming to bridge the gap for cautious traditional investors.
Cantor chairman Brandon Rutnick noted,
“We have created a fund for investors who still have fear of Bitcoin. It is a product that can defend the lower price of the fund through real gold and open the upper side to Bitcoin.”
Rutnick is the son of U.S. Secretary of Commerce Howard Rutnick.
Tether’s evolution marks a shift in how digital finance giants are operating.
With its gold, Bitcoin, and U.S. debt reserves, Tether mirrors the balance sheet strength of some of the world’s top banks and funds.
Ardoino believes this is just the beginning.
“I still think Tether is a startup and I think it will grow further in the future.”
And with $2 billion flowing into Bitcoin mining and infrastructure, Tether’s ambitions now stretch into securing the very networks that underpin its ecosystem — a move that could redefine the company’s influence in global finance.
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