Tether Reports $4.9B Q2 Profit, Becomes One of Largest U.S. Treasury Holders
Tether, the dominant stablecoin issuer, posted a record $4.9 billion profit in Q2 2025, underscoring its operational efficiency and strategic management of $127 billion in U.S. Treasuries. The firm's attestation report, audited by BDO, reveals a year-to-date USDT issuance of $20 billion, pushing its circulating supply to $157 billion.
The company now ranks among the world's top holders of U.S. government debt, with direct and indirect Treasury exposures totaling $105.5 billion and $21.3 billion respectively. CEO Paolo Ardoino attributes this growth to accelerating market trust, citing Tether's diversified reserves in Bitcoin, gold, and fiat-backed stablecoins.