Tether, the issuer behind the world’s largest stablecoin USDT, closed 2025 with a net profit exceeding $10 billion, underscoring its growing influence in the global digital asset and financial markets. The strong performance was driven by continued expansion of USDT’s circulating supply, increased exposure to U.S. Treasuries, and sizable holdings of gold and bitcoin.
According to Tether’s fourth-quarter attestation, signed by accounting firm BDO Italy, the company reported $6.3 billion in excess reserves above its $186.5 billion in liabilities linked to issued tokens. Over the course of 2025, USDT’s circulating supply expanded by roughly $50 billion, reaching more than $186 billion and reinforcing its position as the dominant stablecoin in circulation.
A major contributor to Tether’s profitability has been its growing allocation to U.S. government debt. The firm disclosed $122 billion in direct U.S. Treasury holdings, which rises to $141 billion when including overnight reverse repurchase agreements. This places Tether among the largest holders of U.S. Treasuries globally, highlighting the scale of its balance sheet and its increasing role in traditional financial markets.
Beyond Treasuries, Tether maintained significant exposure to alternative assets. The company reported $17.4 billion in gold holdings and $8.4 billion in bitcoin. Tether has also been actively purchasing physical gold, with CEO Paolo Ardoino previously noting a pace of up to two tons per week, potentially translating to more than $1 billion in monthly gold acquisitions. Separately, Tether’s investment portfolio, which is distinct from its reserve assets, was valued at approximately $20 billion.
Ardoino stated that with record USDT issuance, reserves exceeding liabilities by billions, and historic Treasury exposure, Tether enters 2026 with one of the strongest balance sheets of any global company. The report comes as global demand for stablecoins continues to rise. In a move aimed at regulatory compliance, Tether recently launched USAT, a U.S.-focused stablecoin developed in partnership with Anchorage Digital, signaling a strategic push into the U.S. market.
