Galaxy Digital's Head of Research Says Tether’s Global Reach Is Underestimated

Tether’s scale, profitability, and expanding business interests remain widely underestimated, according to a new analysis by Alex Thorn, head of firmwide research at Galaxy Digital.

Alex Thorn: Tether Has Quietly Become One of Crypto’s Most Powerful Firms

Alex Thorn‘s assessment appeared in Galaxy Research’s weekly brief published Dec. 12 and was later shared on X, where Thorn outlined what he views as the growing breadth of the world’s largest stablecoin issuer. Thorn emphasized that his observations reflect Galaxy Research’s analysis and his own perspective.

Tether currently has more than $185 billion of its flagship USDT stablecoin in circulation, making it the largest issuer in the market by a wide margin, according to the report. Thorn noted that the company is also preparing a version designed to comply with the proposed U.S. GENIUS Act, signaling further regulatory engagement.

Beyond stablecoins, Thorn highlighted Tether’s expanding operational footprint. The firm operates bitcoin mining and high-performance computing data centers, holds agricultural and robotics investments, and runs software initiatives that include a private messaging application and an artificial intelligence health product.

Tether has also become a major lender within centralized finance (CeFi). Galaxy Research data cited in the brief shows the company’s loan book exceeding $14 billion, placing it among the largest centralized lenders in the crypto sector.

Financially, Thorn pointed to Tether’s profitability as a defining feature. The company reported paying more than $10 billion in dividends during the first nine months of 2025, while its U.S. Treasury bill holdings are estimated to generate roughly $7 billion in annual interest income.

Thorn added:

“And Tether CEO Paolo Ardoino confirmed in September that the firm was raising capital at a $500 billion valuation, which would make it one of the biggest companies in the world. And all this with possibly fewer than 200 employees.”

The report also highlighted Tether’s role in capitalizing Twenty One Capital, a newly listed bitcoin treasury firm on the New York Stock Exchange (NYSE). Tether contributed 43,514 BTC to the company, a move Thorn described as a significant step in bringing offshore crypto wealth into U.S. markets.

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Thorn concluded that Tether has evolved into a diversified, globally connected company operating across finance, infrastructure, and technology, marking a shift away from reliance solely on stablecoin interest income.

Thorn’s research brief on Tether comes on the heels of an S&P downgrade, a move the company pushed back on, arguing it relied on stale assumptions. “The traditional finance propaganda machine is growing worried when any company tries to defy the force of gravity of the broken financial system,” Tether’s CEO said at the time, responding to S&P’s critique.

Tether’s widening presence across lending, infrastructure, and public markets points to a company acting with a clearly defined long-term strategy rather than a narrow, short-term focus.

FAQ ❓

• **What is Tether?**Tether is the issuer of USDT, the world’s largest stablecoin by circulating supply.
• **Who authored the Galaxy Research analysis?**The report was written by Alex Thorn, head of firmwide research at Galaxy Digital.
• **How large is Tether’s USDT supply?**Galaxy Research estimates more than $185 billion USDT is currently in circulation.
• **What recent move did Tether make in U.S. markets?**Tether capitalized TwentyOne with 43,514 BTC following its NYSE listing.