Tether, issuer of the world’s most popular USDT stablecoin, closed out 2025 with net profit of more than $10 billion, the company reported Friday, buoyed by steady growth in its flagship token and growing exposure to U.S. Treasuries and gold.
The fourth-quarter attestation, signed by accounting firm BDO Italy, showed that Tether held $6.3 billion in excess reserves, a buffer from its $186.5 billion in liabilities related to issued tokens. The circulating supply of USDT increased by $50 billion over the year, reaching over $186 billion.
The company continued to increase its holdings of U.S. Treasuries, reaching $122 billion in direct exposure and $141 billion including overnight reverse repurchase agreements. This positions the company among the largest holders of U.S. government debt in the world.
Tether also maintained significant allocations to gold and bitcoin, reporting holdings of $17.4 billion and $8.4 billion, respectively. The company is buying physical gold at a rate of up to two tons per week, a rate that could total more than $1 billion in monthly purchases, according to a Bloomberg interview with Ardoino earlier this month.
Tether’s investment portfolio, separate from reserve assets, was valued at $20 billion.
“With USDT issuance at record levels, reserves exceeding commitments by billions of dollars, Treasury exposure at all-time highs, and strong risk management, Tether enters 2026 with one of the strongest balance sheets of any global company,” Tether CEO Paolo Ardoino said in a statement.
The latest report comes amid growing global demand for stablecoins, with Tether’s USDT remaining the dominant digital dollar in circulation. Earlier this week, Tether launched USAT – a new stablecoin tailored for the US market – in partnership with Anchorage Digital, a federally chartered crypto bank based in the US. The move marks an attempt to carve out regulatory-compliant territory in the United States.
