Tether Reports $10 Billion Profit as US Treasury Holdings Hit Record $122 Billion

TLDR

• Tether reported net profits of over $10 billion in 2025, down 23% from $13 billion in 2024
• The company’s US Treasury holdings reached a record $122 billion, with total Treasury exposure hitting $141 billion
• USDt supply grew by $50 billion over the year, reaching $186.5 billion in circulation
• Tether holds $6.3 billion in excess reserves above its liabilities and maintains $17.4 billion in gold holdings
• The company issued 50 billion new USDt tokens in 2025 as global demand for dollar-based stablecoins increased

Tether, the company behind USDt, the world’s largest stablecoin, posted net profits of more than $10 billion in 2025. The figure represents a 23% decline from the $13 billion the company reported in 2024.

The financial report was prepared by accounting firm BDO and published on Friday. It showed that Tether’s US Treasury holdings climbed to record levels during the year.

The company’s direct US Treasury holdings surpassed $122 billion in 2025. When including overnight reverse repurchase agreements, total Treasury exposure reached $141 billion.

This level of holdings places Tether among the largest holders of US government debt globally. The company stated the increase reflects an ongoing shift toward highly liquid, low-risk assets.

Tether issued $50 billion in new USDt tokens over the 12-month period. The total circulating supply of USDt reached over $186 billion by year-end.

CEO Paolo Ardoino attributed the growth to demand for US dollars outside traditional banking systems. He said this demand grew particularly in regions where financial systems are slow, fragmented, or inaccessible.

Reserve Holdings and Asset Growth

The company ended 2025 with $6.3 billion in excess reserves. This buffer sits above the $186.5 billion in liabilities tied to issued tokens.

Tether’s total assets increased by $49.17 billion year-over-year. The company maintains separate reserve assets from its investment portfolio, which was valued at $20 billion.

The stablecoin issuer also holds positions in gold and bitcoin. Gold holdings reached $17.4 billion, while bitcoin holdings totaled $8.4 billion.

According to a Bloomberg interview with Ardoino earlier in January, Tether has been buying physical gold at up to two tons per week. This pace could equal more than $1 billion in monthly purchases.

Market Position and New Products

USDt ranks as the third-largest cryptocurrency by market capitalization. It sits behind Bitcoin and Ether with a market cap of $185.51 billion, according to CoinMarketCap data.

The stablecoin plays a major role in the crypto ecosystem. Traders and exchanges use USDt as a dollar substitute for liquidity and collateral.

Tether also issues XAUt, a gold-backed stablecoin. The company holds 520,089 troy ounces of gold for XAUt, roughly 16.2 metric tons, separately from its broader reserve of 130 metric tons.

Earlier this week, Tether launched USAT, a new stablecoin designed for the US market. The launch was done in partnership with Anchorage Digital, a federally chartered crypto bank based in the United States.

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