Tether can earn about 5 billion USD a year, and in reality, everyone is holding fake US dollars (USDT), while Tether holds real US Treasury bonds to earn interest.

So, Ripple wanting to acquire USDC for 5 billion dollars is a bit of a pipe dream.

Tether released its Q1 2025 financial report: US Treasury holdings nearing 120 billion dollars, profits exceeding 1 billion.

https://chainalert.me/view/headline/a662fc