The issuer of the world’s largest stablecoin, USDT, ended 2025 with a net profit of over $10 billion. This is according to the company’s annual attestation prepared by the independent auditing firm BDO. Despite a decrease in profit compared to the record year of 2024, Tether’s financial position remains one of the most stable in the crypto industry.
At the end of the year, more than $186 billion USDT was in circulation, while the volume of assets backing the stablecoin reached $193 billion. The difference between assets and liabilities formed excess reserves of $6.3 billion—the highest figure in the company’s history.
Treasury Bonds Became the Foundation of Reserves
The key factor in Tether’s profitability in 2025 was investments in US government bonds. By year-end, the company held about $122 billion in US Treasuries. By this measure, Tether effectively matched the largest institutional holders of US government debt, surpassing many national funds and banks.
This portfolio allowed the issuer to benefit from high interest rates while maintaining the liquidity of its reserves. The company emphasized that a conservative asset structure remains a priority amid increasing regulatory pressure on the stablecoin market.
In an official comment, Tether noted that “disciplined reserve management and strategic allocation of funds in Treasuries and digital assets” made it possible to maintain the stability of the digital dollar ecosystem even in a volatile market environment.
The Second-Largest USDT Issuance in History
The year 2025 was the second-largest in terms of USDT issuance in the company’s history. Over the year, more than $50 billion in new USDT was put into circulation. For comparison, a larger increase was recorded only at the peak of the previous cryptocurrency cycle.
The growth in stablecoin supply reflects steady demand from crypto exchanges, DeFi protocols, and cross-border payment services. Amid declining interest in alternative digital assets, USDT remains the key settlement tool for the crypto market.
Gold and Alternative Investments
In addition to Treasuries, Tether continues to diversify its reserves. The company owns about 140 tons of physical gold, which is used as a protective asset and serves as collateral for the gold-backed stablecoin XAUT. Against the backdrop of rising precious metals prices, this part of the reserves further strengthened the issuer’s balance sheet.
In recent years, Tether has also actively invested in related areas. These include bitcoin mining, decentralized AI projects, and infrastructure for peer-to-peer communications. In this way, the company is gradually moving beyond the role of a classic stablecoin issuer.
The Most Profitable Private Company in Crypto
In terms of profitability, Tether has ranked among the most successful private companies in the crypto industry for several years in a row. In 2024, net profit exceeded $13 billion, and analysts attribute the decline in 2025 not to a deterioration in business but to the normalization of market conditions after the peak in interest rates.
The company, led by CEO Paolo Ardoino, is also strengthening its presence in the US. In 2025, Tether launched a US division, and at the beginning of 2026, introduced the USAT stablecoin, focused on the domestic market and compliance with local requirements.
What This Means for the Market
Tether’s financial results show that the stablecoin model can be not only sustainable but also extremely profitable with proper reserve management. Amid regulatory uncertainty and a slowdown in crypto market growth, USDT remains a key element of the global digital financial infrastructure.
Growth in reserves and high liquidity are boosting confidence in the largest stablecoin, making Tether one of the main beneficiaries of the current crypto market transformation—from speculation to settlements and infrastructure.
Read more: Michael Saylor’s Strategy Is Crumbling: Bitcoin’s Drop Has Deprived Strategy of Its Margin of Safety
