Stablecoin issuer Tether disclosed audited annual results showing net profits exceeding $10 billion for 2025, alongside a historic accumulation of U.S. Treasury holdings that exceeded $122 billion, underscoring the expanding supply of USDT and the firm’s conservative reserve strategy.
Tether, the company behind the world’s largest stablecoin (USDT), reported net profits of more than $10 billion for the full year 2025, according to its annual attestation prepared by independent accounting firm BDO. While this figure represents a roughly 23% decrease from the $13 billion posted in 2024, it still places the firm among the most profitable privately held entities in the digital asset space.
The financial report also highlighted a substantial expansion in USDT supply, with Tether issuing approximately $50 billion in new USDT tokens over the 12-month period. This brought the stablecoin’s total circulation to over $186 billion, a record high driven by robust global demand for dollar-pegged liquidity across trading, payments and emerging market use cases.
A core driver of Tether’s reserve strategy has been its increased allocation to highly liquid, low-risk assets. By year-end 2025, the company’s direct holdings of U.S. Treasuries surpassed $122 billion, while total Treasury exposure, including reverse repurchase agreements, exceeded $141 billion — marking the largest level of government debt exposure in its history. This scale of exposure positions Tether among the largest global holders of U.S. government debt outside traditional sovereign entities.
Record issuance and strategic reserve allocation shape Tether’s 2025 performance
In addition to U.S. Treasuries, Tether’s reserves include a diversified mix of other assets, including gold and digital holdings, supporting the stablecoin’s backing. Total reserve assets reached nearly $193 billion, comfortably exceeding liabilities, with $6.3 billion in excess reserves above obligations.
Tether CEO Paolo Ardoino emphasized that disciplined reserve management and strategic deployment of capital have supported the firm’s performance amid market volatility, reinforcing USD₮’s role as a key liquidity provider in the crypto ecosystem.
Despite the year-over-year decline in net profit, the report illustrates Tether’s sustained dominance in stablecoin issuance and its ability to back expanding USDT supply with high-quality assets. The stablecoin’s resilience reflects strong demand for digital dollars transcending traditional banking constraints, particularly in regions with less accessible financial infrastructure.
Overall, Tether’s 2025 financials showcase a blend of record issuance, substantial Treasury accumulation and conservative reserve backing, positioning the issuer as a cornerstone of dollar-pegged liquidity in global digital markets.
