The Block breaks down Tether's business model, revealing how the stablecoin giant earns billions from Treasuries, repo markets, Bitcoin, and gold-backed reserves

$183.5B of March 31 liabilities sat on $191.8B of assets, so the equity cushion was $8.2B against a book with $19.8B precious metals and $6.6B BTC. That is a T-bill/repo carry machine with a macro-vol overlay: rates drive the cash flow, but gold and BTC drawdowns drive the solvency optics. USAT gives Tether a clean U.S. wrapper; offshore USDT can keep doing the high-margin balance-sheet game that Binance, Tron, and EM dollar rails actually depend on.

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