Tether is truly the king of money printing machines, with a net profit of $13 billion in 2024. A company of only 150 people with such profit per capita almost has no rivals among global companies.

Coinbase's revenue in 2024 is $6.6 billion, with a net profit of $2.6 billion.

Circle's revenue in 2024 is $1.7 billion, only 13% of Tether's, and it also has to allocate $1 billion to Coinbase and others, significantly cutting into its profits.

Switching back to AI,

OpenAI's revenue in 2024 is $3.7 billion, with a loss of $5 billion.
Anthropic's revenue in 2024 is $1 billion, with cumulative losses also in the tens of billions of dollars.

The combined losses of these two AI giants haven't even matched what Tether earns in a year.

Similarly, if you deposit $1, they issue 1 stablecoin and go buy US bonds for interest:

Tether's interest mostly goes straight into their own pockets.

Circle, on the other hand, has to share profits with channels according to agreements, resulting in—both companies make money, but the biggest slice is taken by Tether.