Tether reported more than $10 billion in net profit for 2025, capping a year marked by rapid growth in its USDT stablecoin, expanding U.S. Treasury holdings and rising gold reserves.
According to a fourth-quarter attestation signed by accounting firm BDO Italy, the issuer of the world’s largest stablecoin ended the year with $6.3 billion in excess reserves backing $186.5 billion in liabilities tied to issued USDT tokens. The circulating supply of USDT increased by $50 billion over the course of 2025, reaching more than $186 billion.
The company significantly expanded its exposure to U.S. government debt. Tether reported $122 billion in direct U.S. Treasury holdings and $141 billion in total exposure when including overnight reverse repurchase agreements, positioning it among the largest holders of U.S. government debt globally.
In addition to Treasuries, Tether continued building positions in gold and bitcoin. The firm held $17.4 billion in gold and $8.4 billion worth of bitcoin in reserves. Earlier this month, CEO Paolo Ardoino said in a Bloomberg interview that the company has been purchasing physical gold at a pace of up to two tons per week, potentially exceeding $1 billion in monthly purchases.
Tether also disclosed that its separate investment portfolio, distinct from reserve assets backing USDT, 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,” Ardoino said in a statement.
The results come amid growing global demand for stablecoins, with USDT remaining the dominant digital dollar in circulation. Earlier this week, Tether launched USAT, a new stablecoin designed for the U.S. market, in partnership with Anchorage Digital, a federally chartered U.S. crypto bank, in a move aimed at establishing regulatory-compliant operations in the country.