Tether, the biggest stablecoin in the cryptocurrency industry, is ‘printing’ money as its revenue soars.

TokenTerminal data indicates that Tether (USDT) has generated $1.46 billion this year, a figure that is expected to surpass $1.5 billion within the next few weeks. 

Its revenues are significantly higher than other stablecoins and other large players in the crypto industry like Tron (TRX), Circle, Solana (SOL), and Ethereum (ETH).

Ethereum, which was the most profitable players in the crypto industry for a long time, has made just $157 million this year. Circle, the parent company of USD Coin (USDC), has made $620 million as it prepares for its initial public offering.

Solana has generated $159 million, largely driven by the growth of meme coins within its ecosystem. Tron is the second-largest player in the crypto industry, with its revenue nearing the $1 billion mark.

Tether’s growth has continued this year as more people have embraced stablecoins. Data compiled by Visa shows that Tether’s monthly volume stands at $266 billion in April. Its total transactions so far this year have exceeded $1.5 trillion. 

Tether’s revenue has increased as the market cap of the stablecoin has continued to rise. There are now over $144 billion worth of USDT tokens in circulation, up from $109 billion a year earlier. 

Tether generates its profits by investing its funds primarily in Treasuries, which are often regarded as safe assets. US government bonds have generated higher yields in the past few years as interest rates have remained above average. It has just a handful of employees and operational costs, making it one of the most profitable companies in the world.

Tether’s growth has also helped to mint several billionaires. Forbes estimates that Paolo Ardoino, who has a net worth of about $9.5 billion. Giancarlo Devasini, the biggest shareholder in Tether is worth about $22.4 billion, while Jean-Louis van der Velde is valued at $9.5 billion.

Tether has used its windfall to invest in several companies this year. It invested in firms like Fizen, Be Water, Adecoagro, Juventus Football Club, Rumble, Northern Data, Bitdeer Technologies Group, and Blacirock Neurotech.