Part 3/16:
This high turnover generates immense profit margins. In the first half of 2025 alone, Tether earned roughly $5.7 billion through short-term treasury investments and reverse repurchase agreements. Livingston asserts that Tether is arguably the most profitable company per employee globally, thanks to the efficiency of its business model, which eliminates the friction resistant to traditional payment infrastructures like Visa or the Fed wire system.