The largest company in the stablecoin industry is Tether, which has issued $150 billion in stablecoins, equivalent to the foreign exchange reserves of a medium-sized country. Last year, their net profit was $13 billion.

Tether's main source of income is: customers provide Tether with US dollars, and Tether issues an equivalent amount of stablecoins to the customers. Then, Tether uses this zero-cost capital to buy US Treasury bonds to earn interest, while also using the interest from the Treasury bonds to accumulate Bitcoin, thus making a significant profit.