Tether Records $10bn Net Profit in 2025, $6.3bn in Excess Reserves

By Adedapo Adesanya

Tether, issuer of the world’s most popular stablecoin, USDT, wrapped up 2025 with a net profit of over $10 billion, bolstered by steady growth in its flagship token and growing exposure to US Treasuries and gold.

The fourth-quarter attestation showed Tether holding $6.3 billion in excess reserves, a buffer over its $186.5 billion in liabilities tied to issued tokens. USDT’s circulating supply grew by $50 billion over the year to over $186 billion.

The firm continued ramping up its holdings of US Treasuries, reaching $122 billion in direct exposure and $141 billion including overnight reverse repurchase agreements, positioning it among the largest holders of US government debt globally.

Tether also maintained significant allocations to gold and Bitcoin, reporting holdings of $17.4 billion and $8.4 billion, respectively.

Tether’s investment portfolio, which is separated from reserve assets, was valued at $20 billion.

“With USDT issuance at record levels, reserves exceeding liabilities by billions of dollars, Treasury exposure at historic highs, and strong risk management, Tether enters 2026 with one of the strongest balance sheets of any global company,” said the chief executive of Tether, Mr Paolo Ardoino, in a statement shared with Business Post.

“This has been made possible by the trust accrued by our strong risk management setup, unprecedented in the financial sector, and the decisions we make around asset quality, allocation, and liquidity are designed to ensure USD₮ remains reliable and usable at a global scale, even during periods of extreme demand,” he added.

The latest report comes amid rising global demand for stablecoins, with Tether’s USDT remaining the dominant digital dollar in circulation.