Big Take

Intelligence analyst and podcast host reporting on the intersection of cryptocurrency, finance, and U.S. politics.

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Key positions and views

Tether is a financial behemoth with unprecedented profitability and a significant, potentially systemic, role in the U.S. debt market.

Despite its scale, Tether's legitimacy is undermined by a history of regulatory sanctions, misrepresentation of its reserves, and a persistent failure to undergo a full financial audit.

Tether is executing a sophisticated strategy to gain influence in the U.S. by forging deep ties with political figures, particularly from the Trump administration, and investing in aligned media.

The U.S. government is actively attempting to control the stablecoin market through new legislation like the 'Genius Act,' which forces issuers to hold U.S. Treasuries, thereby tying the crypto world more closely to the traditional financial system.

Significant potential conflicts of interest exist between key political figures and Tether, such as the financial stake held by Commerce Secretary Howard Lutnick's children, which could compromise regulatory integrity.

Podcast consensus on Take

Points of consensus

▶Tether is a massively profitable and systemically important financial entity, holding a significant amount of U.S. debt, comparable to major countries.

▶Tether has a documented history of regulatory issues and a lack of transparency, including a ban from New York State, a CFTC fine for misrepresenting reserves, and never having undergone a full financial audit.Apr 2026

▶Tether is actively pursuing influence and legitimacy within the U.S. by hiring former Trump administration officials, investing in politically aligned companies, and potentially funding political groups.Apr 2026

▶The U.S. government is establishing a formal regulatory framework for stablecoins through legislation like the 'Genius Act,' which mandates that reserves be held in U.S. Treasuries.Apr 2026

Points of debate

▶The true strength and composition of Tether's reserves remain a point of contention, contrasting its massive U.S. Treasury holdings with its history of misrepresentation and lack of a formal audit.Apr 2026

▶Tether's role as a major holder of U.S. debt is debated as both a sign of its integration into the legitimate financial system and a potential systemic risk, a concern discussed by global finance chiefs.Apr 2026

▶The deep political connections Tether is forging, particularly with figures from the Trump administration, raise questions about potential conflicts of interest and the integrity of future crypto regulation.Apr 2026

▶Tether's utility as a tool for low-fee remittances and business payments is contrasted with the risks it poses due to its opaque operations and regulatory history.Apr 2026

Key themes

▶Tether's Quest for Legitimacy Amidst Regulatory ScrutinyApr 2026

Big Take's reporting highlights Tether's troubled regulatory past, including a ban in New York and a CFTC fine for misrepresenting reserves. This history is juxtaposed with Tether's current efforts to achieve legitimacy by holding vast sums of U.S. Treasuries, complying with new legislation, and setting a future date for a full audit.

This narrative suggests Tether is pursuing a 'too big to fail' strategy, attempting to embed itself so deeply within the traditional financial system that its stability becomes a matter of national interest, thereby overshadowing its controversial origins.

▶The Convergence of Crypto and U.S. Political PowerApr 2026

The claims detail Tether's strategic cultivation of political connections, particularly with figures from the Trump administration. This includes hiring a former Trump crypto advisor as CEO of its U.S. arm and the financial ties between the family of a former Commerce Secretary and the company.

This theme indicates a strategic pivot by crypto giants from being disruptive outsiders to becoming entrenched insiders who leverage political influence to shape favorable regulation and secure their market position.

▶Unprecedented Financial Scale and Systemic ImportanceApr 2026

Big Take emphasizes Tether's enormous financial scale, citing its $10 billion profit with a small staff, its status as a top-20 holder of U.S. debt, and its massive gold purchases exceeding those of most central banks. The company's target valuation of over $500 billion further underscores its ambition to be a global financial powerhouse.

Tether's scale, as reported, transforms it into a potential source of systemic risk; a crisis at the company could have cascading effects on both the crypto markets and the traditional market for government debt.

▶Strategic U.S. Market Penetration

The reporting outlines Tether's multi-pronged strategy to expand its footprint in the United States. This involves promoting its stablecoin for fee-less business transactions, investing in ideologically aligned media platforms like Rumble, and reportedly planning to back political spending groups.

Tether's approach is not merely financial; it is actively building a supportive ecosystem of political, media, and business alliances to drive adoption and defend its interests in the critical U.S. market.

Source episodes

Sentiment over time

Not enough data for timeline

Changes over time

2016-2018

The CFTC found that Tether only maintained sufficient fiat reserves to back its USDT tokens approximately 25% of the time, leading to a $41 million fine.

February 2021

The New York Attorney General's office banned Tether from operating in the state after finding it had misrepresented its reserve holdings.

Recent Past (reported as 'last year')

Tether reported a $10 billion profit, purchased 70 tons of gold, and the systemic risks of stablecoins were discussed by finance chiefs at an IMF meeting.

Recent Past (transcribed as 'late 2025')

Tether's CEO announced the company held approximately $135 billion in U.S. Treasuries, making it the 17th largest holder of U.S. debt globally.

Near Future (reported as 'this year')

The New York Times reported an expectation that Tether's U.S. arm would back a new political spending group ahead of the midterm elections.

By end of 2026 (Future)

Tether has publicly stated its goal to undergo a complete financial audit.

Suggested prompts

How does Tether's strategy of accumulating U.S. debt and hiring politically connected individuals influence the regulatory landscape for stablecoins? &nearr;What are the potential systemic risks to the U.S. financial system if Tether, a largely unaudited entity, continues to be a top holder of Treasury bonds? &nearr;To what extent does the 'Genius Act' legitimize Tether's operations versus creating new compliance challenges for the company? &nearr;How might the reported conflicts of interest involving figures like Howard Lutnick impact the credibility and enforcement of future U.S. crypto regulations? &nearr;

Key concepts

U.S. Government & Regulation 10 ep Tether's Finances & Reserves 7 ep Business Strategy & Investments 6 ep Stablecoins 6 ep Political Influence & Connections 5 ep Genius Act 2 ep Howard Lutnick 2 ep Systemic Risk 1 ep

Notable quotes

“Tether has never had a proper audit, which has led to a lot of skepticism over the strength of its reserves.”

Big Take · Big Take: The Crypto Giant Amassing US Debt | Everybody's Business

“in late 2025 tether ceo posted on x that his company held about 135 billion dollars worth of of U.S. Treasuries, which he said made it the 17th largest holder of U.S. debt in the world”

Big Take · Big Take: The Crypto Giant Amassing US Debt | Everybody's Business

“Last year, with only 300 people on staff, Tether reported a profit of $10 billion.”

Big Take · Big Take: The Crypto Giant Amassing US Debt | Everybody's Business

“One of the key people involved in this is a guy called Bo Hines, who, by the way, is just 30 years old. But he was one of the key crypto advisors in the Trump administration and left recently and is now CEO of Tether's U.S. operations.”

Big Take · Big Take: The Crypto Giant Amassing US Debt | Everybody's Business

Report last updated: Apr 21, 2026

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