Tether Reports $10B Profit in 2025 as USDT Supply Hits Record $186B

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.

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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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