Tether International reported a net profit exceeding $10 billion in 2025, with reserves reaching $192.9 billion and significant investments in U.S. Treasuries.
Tether International announced a remarkable net profit of over $10 billion for the year 2025, supported by an excess reserve of $6.3 billion as confirmed by an audit from BDO.
During this period, Tether issued nearly 50 billion USDT, marking its second-largest issuance to date. A significant portion of this, almost 30 billion USDT, was minted in the latter half of the year due to rising demand for dollar liquidity, particularly from emerging markets.
By the end of December 2025, Tether's total circulation of USDT surpassed 186 billion tokens, setting a new record. The user base also expanded significantly to approximately 530 million globally.
The firm’s reserves soared to about $192.9 billion, while its liabilities were around $186.6 billion, predominantly linked to the issued digital currency. Tether's direct investments in U.S. Treasury bonds accounted for over $122 billion, positioning it as one of the largest holders of U.S. government debt worldwide.
Additionally, Tether's portfolio included $17.5 billion in precious metals and $8.4 billion in Bitcoin. Interestingly, the company’s gold reserves, stored in a former nuclear bunker in Switzerland, were valued at approximately $23 billion as of the end of January.
Investments in key sectors like energy, AI, and fintech contributed to Tether’s growing investment portfolio, which reached $20 billion. This portfolio is managed by Tether SICAF SA and is not included in the company's reserves.
In 2024, Tether had already recorded a net profit of $13 billion, marking a notable growth of around 30% from the previous year. CEO Paolo Ardoino noted that the expansion of USDT reflects the increasing global demand for dollars, particularly in regions where traditional banks are either slow or inaccessible. Additionally, Tether launched the U.S.-regulated stablecoin USAT in January.
