Tether rakes in over $10 billion net profit in 2025 as excess reserves top $6.3 billion
Quick Take
- The stablecoin issuer now holds $193 billion in assets backing the $186 billion USDT in circulation, primarily in U.S. Treasuries.
- 2025 marked Tether’s “second-largest annual issuance in its history,” with over $50 billion in new USDT added to the circulating supply.
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Tether, the largest stablecoin issuer, said it generated more than $10 billion in net profit in 2025, according to its latest annual attestation from independent accounting firm BDO.
The company also recorded its second-largest annual issuance on record, adding more than $50 billion of USDT to circulation during the year.
“Through disciplined reserve management and strategic deployments across U.S. Treasuries, digital assets and proprietary investment entities, Tether sustained this performance while driving growth across its digital dollar ecosystem,” the firm wrote on Friday.
For comparison, Tether reported profits of more than $13 billion in 2024.
There is now an all-time high of over $186 billion USDT in circulation, backed by $193 billion in assets, reflecting Tether’s $6.3 billion in excess reserves. The bulk of these holdings is in $122 billion worth of Treasurys, making Tether one of the largest holders of US government debt globally.
Tether also owns around 140 tons of gold, as both an inflation hedge and reserve asset for its gold-pegged XAUT token.
Over the past several years, Tether has grown to become one of the most profitable privately held companies. The firm, led by CEO Paolo Ardoino, has invested deeply in the bitcoin mining sector, peer-to-peer messaging, and decentralized AI, among other investments.
Tether also launched a U.S.-based subsidiary in 2025, which officially rolled out its USAT “Made in America” stablecoin earlier this week.
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