Tether Reports $4.9B Q2 Profit, Becomes One of Largest U.S. Treasury Holders

Tether, the biggest stablecoin issuer, reported a record $4.9 billion profit in Q2 2025. The gain shows better operations and smart management of its $127 billion in U.S. Treasuries. As of June 30, 2025, the circulation of Tether’s USDT exceeded $157 billion, marking an increase of $20 billion since the beginning of the year.

Tether’s Profit is Backed by $127B US Treasuries

Tether has reported a record net profit of $4.9 billion for the second quarter of 2025. The figure comes from the company’s latest attestation report, verified by leading global accounting firm BDO.

In addition to the strong profit, Tether issued over $13.4 billion in USDT during Q2 alone, bringing the total year-to-date issuance to $20 billion. As a result, the circulating supply of USDT has surged past $157 billion.

A key highlight of the report is Tether’s rising exposure to U.S. government debt. By the end of Q2, the company held more than $127 billion in U.S. Treasuries, including $105.5 billion in direct holdings and $21.3 billion indirectly, making it one of the largest holders of U.S. Treasury securities globally.

Paolo Ardoino, CEO of Tether, said, “Q2 2025 affirms what markets have been telling us all year: trust in Tether is accelerating. With over $127 billion in U.S. Treasury exposure, robust bitcoin and gold reserves, and over $20 billion in new USD₮ issued, we’re not just keeping pace with global demand, we’re shaping it.”

As of June 30, 2025, Tether reported total assets of over $162 billion, with liabilities at approximately $157.1 billion. Shareholder capital remains stable at around $5.47 billion, providing a strong equity to investors.

Tether Makes Strong Push in Q2

In Q1 2025, Tether delivered over $1 billion in operating profit. However, this quarter, Tether’s financials jumped and recorded $4.9 billion in profit. Q1 earnings mainly came from treasury yields (~$1 billion), whereas Q2’s $4.9 billion included recurring operational gains plus $2.6 billion in mark‑to‑market gains from gold and bitcoin holdings

Tether has also reinvested a significant portion of its profits into strategic initiatives, including infrastructure, fintech, and digital freedom technologies. Recent efforts include investments through XXI Capital and support for platforms like Rumble and the Rumble Wallet.

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Tether’s customers are mostly non-US residents but this month, after President Donald Trump signed the GENIUS Act, Tether’s CEO announced plans to fully expand the company’s stablecoin operations within the United States.  

The stablecoin market is mostly made up of tokens linked to the U.S. dollar, with USDT and Circle’s USDC together making up 87% of the total. The U.S. Treasury’s Q1 2025 report predicts that the total value of dollar-backed stablecoins could reach $2 trillion by 2028.

Meanwhile, European Union officials have expressed concerns about depending too much on dollar-linked stablecoins. The Bank of Italy warned that problems in the stablecoin market or related bond markets could affect other parts of the global financial system.