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Tether generated more than $10 billion in net profit during 2025
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USDT circulation reached an all-time high of $186 billion
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Excess reserves climbed to $6.3 billion, largely backed by US Treasuries
Record Profits for the Largest Stablecoin Issuer
Tether reported over $10 billion in net profit for 2025, according to its latest annual attestation by accounting firm BDO. The year marked Tether’s second-largest issuance on record, with more than $50 billion in new USDT added to circulation.
The company now holds $193 billion in assets backing $186 billion in USDT, resulting in excess reserves of $6.3 billion.
Treasuries and Gold Anchor Reserves
Most of Tether’s reserves are held in US government debt, with $122 billion invested in US Treasuries. This makes Tether one of the largest holders of US Treasuries globally.
The company also holds around 140 tons of gold, supporting both its balance sheet and its gold-backed XAUT token.
From Stablecoins to Broader Investments
Tether has grown into one of the most profitable private companies in the crypto sector. Beyond stablecoins, the firm has invested heavily in bitcoin mining, decentralized AI, and peer-to-peer communication platforms.
In 2025, Tether launched a US-based subsidiary and rolled out USAT, a US dollar stablecoin positioned as “Made in America,” reflecting its push into regulated markets.
