The stablecoin issuer is quietly becoming a conglomerate. Behind USDT sit $115B in US Treasuries, 146 tons of gold and ~99K BTC, plus a growing portfolio of stakes: media (Rumble), data centers (Northern Data), agriculture (Adecoagro, 70%), Bitcoin mining (Bitdeer), royalties (Elemental Altus) and even football (Juventus).

One company. ~200 people. An empire in the making.