In 2025, Tether International reported a net profit exceeding $10 billion. The issuer of USDT had excess reserves of $6.3 billion, according to an audit report by BDO.

Tether Delivers $10B+ Profits in 2025, $6.3B in Excess Reserves, and Record $141 billion Exposure in U.S. Treasury Holdings
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— Tether (@tether) January 30, 2026

During the reporting period, Tether issued nearly 50 billion USDT, marking the second-largest issuance in the company's history. The pace accelerated in the second half of the year, with approximately 30 billion USDT minted in response to a surge in demand for dollar liquidity from emerging markets.

As of December 31, 2025, the total circulation of the largest stablecoin surpassed 186 billion tokens, reaching an all-time high. The number of users globally reached 530 million.

The total value of Tether's reserves grew to approximately $192.9 billion. The company's liabilities amounted to around $186.6 billion, with about $186.5 billion corresponding to issued digital coins.

The company's direct investments in U.S. Treasury bonds exceeded $122 billion.

"This places Tether among the largest holders of U.S. government debt globally, highlighting its growing role as a crucial channel for meeting global dollar demand," the press release stated.

By the end of the year, the stablecoin issuer held precious metals valued at approximately $17.5 billion and Bitcoin worth $8.4 billion. By the end of January, the value of the company's reserves in 140 tons of gold reached $23 billion, with Tether utilizing a former nuclear bunker in Switzerland for storage.

The firm's investment portfolio reached $20 billion. Investments in promising sectors such as energy, AI, media, fintech, agriculture, and treasury companies were funded through profits and excess capital. The assets are managed by Tether SICAF SA, and their value is not included in the reserves.

In 2024, the company reported a record net profit of $13 billion, approximately 30% higher than the previous period.

"In 2025, the scale of growth is important, but so is the underlying structure. USDT expanded because global demand for dollars increasingly exceeds traditional banking systems, especially in regions where financial systems are slow, fragmented, or inaccessible," emphasized Tether CEO Paolo Ardoino.

It is worth noting that in January, the company officially launched the U.S.-regulated stablecoin USAT.