I listened to a podcast about Tether USDT over the weekend, and there were many exciting points. Here are some excerpts to share and gain a deeper understanding of this mysterious stablecoin issuer with the highest per capita profit. Host @ hongjun60, guest teachers @ mindaoyang @ fishkiller. Amazing business achievements As the issuer of USDT stablecoins, Tether achieved a net profit of $13.7 billion in 2024, surpassing giants such as BlackRock and Alibaba. However, Tether has only 150 employees and an average profit of 93 million US dollars per person. The core of Tether's business model is to utilize zero cost capital 🆚 Arbitrage space between high-yield US bonds. Now it is one of the top 20 holders of US treasury bond bonds in the world, more than many countries. This' money printing machine 'model has achieved great success during the interest rate hike cycle. USDT plays a complex dual role Key tools in the gray zone: From pig killing farms and drug trafficking to terrorist financing, from Russian arms dealers to Venezuelan state-owned oil companies, USDT is widely used in areas that are difficult to reach with legal sanctions. A haven for ordinary people's wealth: For Venezuelans with an inflation rate of up to 200%, USDT has become an important tool for preserving wealth and receiving remittances. An atypical giant rising from controversy Non mainstream founding team: Founded by non-traditional financial elites such as former plastic surgeon Giancarlo Devasini and traders, it subverted the narrative of Wall Street elites. Multiple survival crises: The authenticity of asset reserves has been questioned, allegations of manipulating the Bitcoin market have been made, and bank relationships have broken, leading to USDT being unanchored. The Noble Bank incident: The Noble Bank lightning strike led to a significant drop in USDT, and market makers profited through arbitrage during the crisis. Evolution of Asset Reserves: From initially claiming 100% USD reserves to later diversifying asset portfolios, transparency has gradually increased, but controversy has not been completely eliminated. Unexpected catalyst: China's "94 ban" in 2017 prevented Chinese exchanges from directly offering fiat currency trading, requiring users to purchase USDT before trading other cryptocurrencies. The rise of Binance was also an important driving force for the popularization of USDT, and the symbiotic relationship between the two lasted for a considerable period of time. Powerful political business relationship network · Wall Street endorsement: establish deep cooperation with Cantor Fitzgerald, the US Secretary of Commerce Lutnick, which is the main broker in the US treasury bond bond market. Interlocking relationship: Holding a large amount of US bonds forms an interlocking relationship with the US government, which even the Department of Justice cannot shake. High level verification: Lutnik's son personally counted Tether's gold reserves, increasing its asset credibility. This Lutnik is also a god. In the 9/11 attacks of 2001, 658 employees of his company died. But he survived because he had to accompany his son to kindergarten on the first day. Actively expanding business boundaries Big investment in AI field: $1.2 billion investment in Northern Data, transforming into a computing giant. Social media layout: $775 million investment in Rumble, connecting cryptocurrency with right-wing communities. I just saw the news this morning that Tether has invested in Bitcoin mining company Bitdeer, accounting for 21.4% of the company's issued shares. In this spiral evolving, three-step, two-step industry, stablecoins have become an important factor in DeFi and global payments, and are also one of the most important links.