Tether reported net profits exceeding $10 billion for 2025, reflecting continued expansion of its USDT stablecoin and higher returns from reserve assets. The company ended the year with $186.5 billion in USDT liabilities and $6.3 billion in excess reserves, according to its fourth-quarter attestation. Circulating supply grew by roughly $50 billion over the year, underscoring sustained demand for dollar-linked digital assets.
The issuer further increased its exposure to US government debt, holding $122 billion in direct US Treasuries and up to $141 billion including overnight reverse repurchase agreements. That places Tether among the largest global holders of US sovereign debt, highlighting its growing role within traditional financial markets.
Tether also reported $17.4 billion in gold holdings and $8.4 billion in bitcoin as part of its reserves. The allocation reflects a diversified balance sheet strategy as institutional interest in stablecoins and onchain liquidity continued to rise.
