Tether Posts $10 Billion Profit Amid Record US Treasury Holdings
Tether, the issuer of the world's largest stablecoin USDt, reported net profits exceeding $10 billion in 2025—a 23% decline from its $13 billion earnings in 2024. The financials, audited by BDO, reveal the company now holds $122 billion in direct US Treasury exposure, climbing to $141 billion when including reverse repurchase agreements. This positions Tether among the top global holders of US sovereign debt.
The stablecoin's circulating supply surged by $50 billion to $186.5 billion last year, reflecting growing demand for dollar-pegged digital assets. Tether maintains $6.3 billion in excess reserves and holds $17.4 billion in gold bullion. The company minted 50 billion new USDT tokens in 2025 to meet accelerating institutional adoption.