Issues USDT, one of the largest US dollar-pegged stablecoins used across cryptocurrency markets globally.tether.to ↗
4 takes · first discussed Jul 19, 2025 · last Nov 22, 2025
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Chamath is highly bullish on Tether, citing its 500M users, 30M quarterly user growth, 95%+ profit margins, and dominant position in dollar-pegged stablecoins serving financial inclusion globally, calling it one of the most impressive businesses he has ever seen.
Jason acknowledges Tether's impressive cleanup of prior compliance issues and growing legitimacy under new crypto regulation, but flags headwinds from falling interest rates and ongoing legal bans in key markets that the business must overcome.
Friedberg notes that Tether's extremely high margins will inevitably attract competition and compress over time, making the current economics unsustainable long-term.
Gavin Baker (via Bo Hines' framing) highlights that Tether will be the fourth largest purchaser of US Treasuries this year, and views its integration into the US regulatory framework under the GENIUS Act as a positive development for the broader stablecoin ecosystem.
The hosts are broadly positive on Tether's current business but diverge on its long-term durability. Chamath is the most bullish, calling it one of the most impressive businesses he has ever seen, pointing to 500M users, 30M quarterly user additions, and 95%+ profit margins, while Guest (Gavin Baker, via Bo Hines' framing) reinforces the bull case by highlighting Tether's scale as a Treasury buyer and its constructive integration into the US regulatory framework under the GENIUS Act. Jason is more mixed, crediting Tether's compliance cleanup and growing legitimacy but flagging falling interest rates and legal bans in certain markets as meaningful headwinds. Friedberg similarly tempers enthusiasm, arguing on financial theory grounds that margins of that magnitude will inevitably invite competition and compress, making the current economics unsustainable over time.
Chamath is highly bullish on Tether, citing its 500M users, 30M quarterly user growth, 95%+ profit margins, and dominant position in dollar-pegged stablecoins serving financial inclusion globally, calling it one of the most impressive businesses he has ever seen.
I've never seen a business like that. Not going to tell you what the details are, but I've never seen a business like that.”22:05
Jason acknowledges Tether's impressive cleanup of prior compliance issues and growing legitimacy under new crypto regulation, but flags headwinds from falling interest rates and ongoing legal bans in key markets that the business must overcome.
The other challenge they're going to have is when interest rates go down, these businesses are going to have to figure that out as well.”21:38
Friedberg notes that Tether's extremely high margins will inevitably attract competition and compress over time, making the current economics unsustainable long-term.
The good news about that is— There's a financial theory, though, that high-margin businesses like that invite competition more... Unfortunately, margin like that's only got one direction to go.”22:49
Gavin Baker (via Bo Hines' framing) highlights that Tether will be the fourth largest purchaser of US Treasuries this year, and views its integration into the US regulatory framework under the GENIUS Act as a positive development for the broader stablecoin ecosystem.
this year they'll be the fourth largest purchaser of US Treasuries. And I think that's something that, you know, we should really contemplate... I'm excited to see what they do here in the US.”58:26