When it comes to profit per employee, Tether is the most profitable company in the world. It may even be the most profitable business in the history of business. With $13.7 billion in profit last year and only around 165 employees, that’s over $83 million in profit per employee. It’s a staggering figure—blowing NVIDIA (NASDAQ:NVDA) and every other company out of the water. It’s literally off the charts. Has any business in history ever generated this much profit per employee? If there is, I’ve never heard of it.

Tether gives anyone with a smartphone instant, global access to digital US dollars. With a market cap exceeding $162 billion and climbing, USDt (Tether) is the world’s largest stablecoin—and the fourth-largest cryptocurrency overall. Though calling it a "stablecoin"is something of a misnomer—government paper currencies, with their steadily eroding purchasing power, are anything but stable. In that sense, they’re less “stable” and more like “guaranteed-loss coins.”

Tether claims to have over 400 million users globally—and is adding 30 million more every quarter. That’s explosive growth—reminiscent of Facebook (NASDAQ:META) at the height of its expansion. It’s no surprise that USDt is hugely popular in emerging markets and developing countries like Argentina, Venezuela, and Turkey—places where local currencies are rapidly losing value, and people turn to the US dollar as a relatively more stable store of value. USDt gives them access to US dollars they might not otherwise be able to get. Tether is like having a US dollar-based checking account—without needing a US bank. For billions of people, it’s simply a better way to hold and send dollars than the sluggish, outdated banking system—which often isn’t even accessible to them in the first place. The average person in Venezuela can’t open a US bank account—but they can access USDt. Today, stablecoins already settle more value than Visa (NYSE:V). Whether people realize it or not, this is the future of dollar payments for billions of people. That’s why stablecoins like USDt aren’t just here to stay—they’re poised to keep exploding in popularity.

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Stablecoins are pretty cool in theory. They promise near-to-instant transfers of any value across any border, at transaction costs that could be far below what’s currently charged. Smart contracts might take the counterparty risk out of escrow and look useful for stuff like subscriptions, insurance and sports betting. And since everything happens in realtime on a public blockchain, there’s full transparency.

In practice, in the more than 10 years since their invention, stablecoins have carved out a few real-world niches but have not been widely adopted for anything other than crypto trading.

That hasn’t stopped people throwing around some very big numbers. For a blast of optimism, try the three brokers that led Circle’s recent IPO.

Goldman Sachs says in its Circle initiation note that most investors expect the value of stablecoins in circulation to grow from $240bn to more than $1tn within three to five years. Citigroup includes in its total addressable market estimates $195tn of cross-border transfers and $1 quadrillion of flows sent via SWIFT. JPMorgan says it’s “in the realm of possibility” for stablecoins to take 10 per cent of the $22tn US M2 money supply.

A $2 trillion move into stablecoin issuers’ reserve accounts, based on current stablecoin asset allocations, would mean that only $68 billion returns to banks as stablecoin issuers’ deposits, with a net loss of $1.932 trillion of deposits. As of the end of March 2025, U.S. banks had $19.21 trillion in deposits. So roughly 10% of bank deposits could be expected to flow into payment stablecoins.

While extreme, such a scenario underscores the risk that banks face. Under this assumption, banks’ average cost of funds is estimated to increase by 20 to 30 basis points (see the sidebar above for details on the calculation). A 10% loss of bank deposits would directly reduce credit extension by the banking industry. As banks would be forced to source funding from more expensive sources, this in turn would raise their lending rate, which in turn would hurt all their borrowers, households and businesses around the country.

As widely recognized in policy discussion, stablecoin-driven demand for Treasuries may lower the federal government’s borrowing costs. But this comes with a critical trade-off: reduced access to credit for households and businesses as banks lose low-cost deposits and therefore face rising funding costs. Over time, this could slow economic activity and weaken smaller banks that anchor local communities. As stablecoin regulation advances, policymakers must weigh short-term fiscal gains against the long-term health of the real economy.

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A pall of acrid smoke hung over Kyiv on Friday morning following a night of intensive Russian strikes that hit almost every district of the capital, according to Ukrainian authorities.

The hours of darkness were once again punctuated by the staccato of air defence guns, buzz of drones and large explosions. Ukraine said Russia had fired a record 550 drones and 11 missiles during a long night of bombardment.

The strikes came hours after a phone call between Donald Trump and Vladimir Putin, after which the US president said he was "disappointed" that Putin was not ready to end Russia's war against Ukraine.

A woman was killed in Russia following Ukrainian drone attacks, officials said.

The acting governor of the southern Rostov region said she had been killed in a strike on a village not far from the Ukrainian border.

Russia's overnight air strikes broke another record, Ukraine's air force said, with 72 of the 550 drones penetrating air defences – up from a previous record of 537 launched last Saturday night.

Air raid alerts sounded for more than eight hours as several waves of attacks struck Kyiv, the "main target of the strikes", the air force said on the messaging app Telegram.

Ukraine's foreign minister condemned "one of the worst" nights in the capital and said "Moscow must be slapped with the toughest sanctions without delay".
Friday's attacks were the latest in a string of major Russian air strikes on Ukraine that have intensified in recent weeks as ceasefire talks have largely stalled.

War in Ukraine has been raging for more than three years since Russia launched its full-scale invasion in February 2022.

Following his conversation with Putin on Thursday, Trump said that "no progress" to end the fighting had been made.

"I'm very disappointed with the conversation I had today with President Putin, because I don't think he's there, and I'm very disappointed," Trump said.

"I'm just saying I don't think he's looking to stop, and that's too bad."

The Kremlin reiterated that it would continue to seek to remove "the root causes of the war in Ukraine". Putin has sought to return Ukraine to Russia's sphere of influence and said last week that "the whole of Ukraine is ours".

Meanwhile, Ukrainian President Volodymyr Zelensky said that he hoped to speak to Trump on Thursday about the supply of US weapons after a decision in Washington to halt some shipments of critical weapons to Ukraine.

Kyiv has warned that the move would impede its ability to defend Ukraine against escalating airstrikes and Russian advances on the frontlines.

Speaking to reporters, Trump said "we're giving weapons" and "we haven't" completely paused the flow of weapons. He blamed former President Joe Biden for "emptying out our whole country giving them weapons, and we have to make sure that we have enough for ourselves".

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Được sự đồng ý của Sở Văn hóa và Thể thao Hà Nội, tối ngày 30/6/2025, tại rạp Chuông Vàng, số 72 Hàng Bạc, Hoàn Kiếm, Nhà hát Cải lương Hà Nội tổ chức tổng duyệt vở “Kỹ nữ thành Đông Quan.
DANH SÁCH CỘNG TÁC VIÊN
Tác giả kịch bản : Cố Tác giả Kiến Quốc
Chuyển thể Cải lương : Cố NSUT Xuân Hỷ
Đạo diễn phục dựng : NSUT Hoàng Viện
Bổ sung bài ca : NSUT Nhật Minh – NSUT Hoàng Viện
Âm Nhạc : NSND Đào Trung
Thiết kế mỹ thuật : Vương Hải
Biên đạo múa : NS Lê Phương
Thực hiện phục trang : NSƯT Minh Hùng
Hướng dẫn Ca hát : NSND Thanh Hương
Trợ lý đạo diễn : NSUT Hồng Nhung
Thư ký đạo diễn : NS Thu Hường
Tổng đài : NS Xuân Hùng
Chỉ đạo Nghệ thuật : Giám đốc nhà hát – Nhạc sĩ Phạm Chỉnh


DANH SÁCH PHÂN VAI
1. Đào Nga NSND Thanh Hương NSUT Hồng Nhung
2. Trần Quân NSUT Quang Tuấn NSUT Hoàng Viện
3. Vương Thông
(Tướng nhà Minh) NS Quang Huy
4. Dũng Kỳ
(Cấp dưới của Vương Thông) NS Quang Thiếu
5. Lý Ngũ
(Cấp dưới của Dũng Kỳ) NS Xuân Hùng
6. Ông già ( bố Trần Quân) NS Đức Long
7. Bà già ( Mẹ Trần Quân) NS Đan Thanh
8. Nhật Thanh (con Trần Quân) NS Thu Hường
9. Cậu Ấm NS Tiến Hiệp
10. Lão Trương NS Quang Hưng
11. Bà Trương NSUT Kim Dung
12. Chủ quán NS Vân Anh Song Hà
13. Lính say
Lính Béo Trọng Vinh
Hoàng Dân
14. Mơ, Mận, Đào, Liễu Thêm, Liệu,
Hiền,T.Hà
Múa, Lính và các vai dân làng: Nhân, Thuyết, Tiến, Tuyến,
L.Hương, Hường, Quỳnh, S.Hà, D.Linh
Dàn nhạc cổ: - NS Như Sơn – Guitar phím lõm
- NSND Đào Trung – Vilon
- NS Đào Khiêm – Guitar Bass
- NS My Trang – Đàn Tam thập lục
- NS Trà My – Đàn Tranh
Chỉ huy dàn nhạc: NSND Đào Trung