Tether, the world’s largest stablecoin issuer, reported more than $10 billion in net profit for 2025 as USDT circulation went past $186 billion by the end of the year according to its Q4 2025 attestation report.
The company’s total reserves reached nearly $193 billion, which is more than its liabilities, with extra reserves of $6.3 billion. In 2025, Tether issued almost $50 billion in new USDT.
About $30 billion of this was minted in the second half of the year as demand grew in payments, trading, and emerging markets.
In 2025 Tether’s US Treasury holdings reached record levels. The company directly held more than $122 billion in US Treasuries and had a total exposure of over $141 billion. This makes Tether one of the largest holders of US government debt in the world.
The company’s gold-backed token, Tether Gold (XAUT), also saw rapid growth. Its market capitalization surpassed $2 billion, representing more than half of all gold-backed tokens in circulation.
CEO Paolo Ardoino said the stablecoin’s growth reflects the increasing global demand for dollars outside traditional banking systems.
He added that USD₮ has “become the most widely adopted monetary social network in history,” especially in regions where financial systems are slow, fragmented, or inaccessible.
Ardoino also emphasized that the structure behind Tether’s growth mattered more than its scale, highlighting the company’s careful investment in highly liquid, low-risk assets like US Treasuries.
Tether’s financial performance remains closely watched by crypto market participants, as USD₮ continues to play a central role in the global cryptocurrency ecosystem.
