Tether profits exceed $10 billion in 2025! USDT issuance hits a new high, with total US debt exposure reaching $141.6 billion

Tether 2025 Annual Profits Exceed $10 Billion, USDT Issuance Hits New Highs, US Treasury and Gold Reserves Rise Simultaneously, Leading Stablecoin Remains Strong.

Stablecoin Leader Solidifies Position with Over $10 Billion Annual Profit

According to the Q4 2025 audit report disclosed by Tether, the world’s largest stablecoin issuer, the company achieved a net profit of over $10 billion for the full year of 2025. Although this represents a decrease of about 23% compared to the record-breaking $13 billion profit in 2024, its financial performance still demonstrates strong resilience.

Tether CEO Paolo Ardoino pointed out that during 2025’s growth, the company focused more on the “structure” behind growth rather than just “scale,” reflecting a cautious strategy in market expansion.

The report, prepared by accounting firm BDO, shows that Tether’s total assets grew by $49.17 billion in 2025, indicating that its dominant position in the digital asset market remains unshaken.

Currently, Tether’s flagship product $USDT has become the third-largest cryptocurrency globally, behind Bitcoin ($BTC) and Ethereum ($ETH). Its market capitalization rose to $185.51 billion by the end of 2025, with over 530 million users worldwide. As a core liquidity provider and collateral in exchanges, Tether’s profit and reserve status have always been highly watched by market participants, as its stability directly impacts confidence in the entire crypto ecosystem.

Reserve Structure Shifts Toward Hedging, US Debt Holdings Surge to Global Front

In 2025, Tether significantly optimized its asset reserve structure, continuously shifting toward high-liquidity, low-risk assets. According to the report, Tether’s direct holdings of US Treasury bonds exceeded $122 billion, setting a new record.

Including overnight reverse repurchase agreements, its total direct and indirect exposure to US Treasuries reached $141.6 billion. This scale places Tether among the world’s largest private holders of US government debt, even surpassing holdings of some sovereign nations.

Image Source: Tether Tether’s direct holdings of US Treasury bonds exceeded $122 billion

In addition to US Treasuries, Tether also maintains substantial gold and Bitcoin reserves. By the end of 2025, the company held approximately $17.4 billion worth of physical gold and $8.4 billion in Bitcoin.

Ardoino stated that allocating 10% of reserves to Bitcoin and 10% to 15% to gold is a reasonable approach, helping to ensure the stability and reliability of $USDT during traditional currency devaluation or global tensions.

Furthermore, Tether’s gold-backed stablecoin $XAUT also surpassed $2 billion in market cap, accounting for over half of the market’s gold-backed tokens, demonstrating its successful positioning in the physical asset tokenization industry.

Global Demand and Regulatory Transition, $USDT Issuance Hits Record Highs

During 2025, market demand for $USDT exploded, with nearly $50 billion issued throughout the year. Especially in the second half of 2025, as demand for digital dollars surged in emerging markets, about $30 billion of new coins were minted within half a year. By the end of 2025, the total circulating $USDT exceeded $186 billion, setting a new record.

Ardoino believes that the growth of $USDT reflects a global demand for dollars gradually moving away from traditional banking systems, especially in regions with slow, fragmented, or hard-to-access financial systems. $USDT has become the most widely adopted currency social network in human history.

To further strengthen market trust, Tether maintains a very high safety margin in reserve management. The current total reserve assets are about $193 billion, far exceeding the total liabilities of $186.5 billion, leaving the company with an excess reserve of $6.3 billion as a buffer. Additionally, in 2025, Tether actively expanded its compliance efforts and US domestic market presence. The company partnered with the federally registered crypto bank Anchorage Digital to officially launch the compliant stablecoin $USAT designed specifically for the US market.

Further Reading
Accumulated Nearly 140 Tons of Gold! Tether CEO: The Post-Dollar Era Is Coming, We Will Become the Gold Central Bank
Tether Launches Compliant Stablecoin USAT! Entering the US Federal Regulatory System, Reserve Structure Made Public

Beyond core stablecoin operations, Tether has invested over $20 billion in diversified industries, including artificial intelligence (AI), biotechnology, green energy, digital asset mining, and decentralized communications. These investments are managed by independent portfolios and are completely separated from the reserve funds supporting stablecoin issuance.

Tether CEO summarized that, with record-breaking issuance volume, strong excess reserves, and the highest US debt holdings in history, Tether is entering 2026 with one of the world’s strongest balance sheets.