Tether, issuer of the world’s most popular stablecoin, USDT, closed 2025 with a net profit of more than $10 billion, the company reported Friday, driven by the steady growth of its flagship token and growing exposure to U.S. Treasuries and gold.
The fourth-quarter certification, signed by accounting firm BDO Italia, showed that Tether had $6.3 billion in excess reserves, a cushion on its $186.5 billion in liabilities tied to issued tokens. The circulating supply of USDT grew by $50 billion over the year, to over $186 billion.
The company continued to increase its holdings of US Treasuries, reaching $122 billion in direct exposure and $141 billion including overnight reverse repurchase agreements. This positions the company among the largest holders of US public debt worldwide.
Tether also maintained significant allocations to gold and bitcoin, reporting holdings of $17.4 billion and $8.4 billion, respectively. The company has been purchasing physical gold at a rate of up to two tons per week, a pace that could add up to more than $1 billion in monthly purchases, according to a Bloomberg interview with Ardoino earlier this month.
Tether’s investment portfolio, which is separate from reserve assets, was valued at $20 billion.
“With USDT issuance at record levels, reserves exceeding liabilities 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 designed for the US market, in partnership with Anchorage Digital, a US-based federally chartered crypto bank. The move marks an attempt to make inroads into regulatory compliance in the US.
