Tether Reports 23% Profit Decline in 2025 Despite USDt Supply Growth and Treasury Holdings Surge
Tether, the dominant stablecoin issuer, saw its net profits drop to $10 billion in 2025, marking a 23% year-over-year decline. The contraction comes despite a $50 billion expansion in USDT supply and a $122 billion position in U.S. Treasury securities—now constituting the bedrock of its reserves.
The stablecoin giant's total assets swelled by $49 billion as global demand for dollar-pegged tokens intensified. With USDt's market capitalization reaching $185.5 billion, Tether maintains its pivotal role in crypto liquidity and trade settlement, even as conservative reserve management weighs on earnings.