
Tether posts $10B profit in 2025 as USDT supply hits $186B, backed by Treasuries and gold, marking another strong year for the crypto giant.
Tether expands beyond stablecoins with USAT launch, bitcoin mining, and AI investments, signaling growth into broader digital infrastructure.
Tether, the issuer of the world’s largest stablecoin USDT, reported more than $10 billion in net profit for 2025, highlighting another blockbuster year for the crypto heavyweight. The figures were disclosed in the company’s latest annual attestation released by independent accounting firm BDO, reinforcing Tether’s position as one of the most profitable players in the digital asset industry.
While profits dipped slightly from the $13 billion recorded in 2024, 2025 still ranked among Tether’s strongest years, driven by disciplined reserve management and sustained demand for USDT across global markets.
USDT Supply Hits Record High
One of the standout developments in 2025 was Tether’s aggressive issuance activity. The company added more than $50 billion worth of new USDT to circulation, marking its second-largest annual issuance on record. As a result, total USDT supply climbed to an all-time high of over $186 billion.
To back this growing supply, Tether now holds approximately $193 billion in assets, giving it excess reserves of $6.3 billion. This buffer is designed to strengthen confidence in the stablecoin during periods of market stress and volatility.
Treasury Holdings Drive Stability
A major pillar of Tether’s reserve strategy continues to be U.S. Treasuries. The firm disclosed that roughly $122 billion of its reserves are invested in U.S. government debt, placing Tether among the largest holders of Treasuries globally.
Beyond bonds, Tether also holds around 140 tons of gold, which serves both as an inflation hedge and as backing for its gold-pegged stablecoin, XAUT. This diversified reserve mix has helped Tether maintain stability while generating consistent returns in a high-interest-rate environment.
Expanding Beyond Stablecoins
Tether’s profits have also fueled expansion into new sectors. Under CEO Paolo Ardoino, the company has increased investments in bitcoin mining, peer-to-peer communication platforms, and decentralized artificial intelligence initiatives. These moves signal Tether’s ambition to evolve beyond stablecoin issuance into a broader digital infrastructure provider.
In a notable step toward regulatory and geographic diversification, Tether launched a U.S.-based subsidiary in 2025. Earlier this week, it officially rolled out USAT, a “Made in America” stablecoin aimed at serving the domestic market.
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FAQs
Yes. A larger USDT supply can increase liquidity for exchanges and DeFi platforms, but it may also amplify risks if confidence in Tether’s backing is ever questioned. Market participants often watch reserve ratios closely to assess stability.
Launching a U.S.-based subsidiary and USAT positions Tether to engage more directly with U.S. regulators. This could lead to stricter oversight but also sets a precedent for compliance in the stablecoin sector.
Investors, traders, and institutions using USDT benefit from the firm’s high-quality assets like Treasuries and gold, which help maintain price stability and reduce risk during market volatility.
Diversifying into AI and bitcoin mining may reduce reliance on stablecoin issuance alone. Over time, these ventures could create new revenue streams and strengthen Tether’s position as a broader digital infrastructure provider.
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