Tether, the issuer of the world’s largest stablecoin USDt, reported a net profit of over $10 billion for 2025, a decline from the previous year. The company’s direct holdings of U.S. Treasuries, however, reached a record $122 billion, signaling a shift toward low-risk assets. Tether issued $50 billion in new USDt over the period, with its CEO citing growing global dollar demand outside traditional banking.
Tether reported net profits exceeding $10 billion for 2025. This represents a decrease of roughly 23% from the approximately $13 billion earned in 2024.
The company’s direct U.S. Treasury holdings climbed above $122 billion last year. This marks the highest level ever recorded for the firm.
Tether issued $50 billion in new USDt over the 12-month period. CEO Paolo Ardoino said demand grew as global demand for U.S. dollars moved outside traditional banking rails.
“Particularly in regions where financial systems are slow, fragmented, or inaccessible,” he said. Ardoino claimed the stablecoin has “become the most widely adopted monetary social network in the history of humanity.”
USDt has a market capitalization of $185.51 billion, according to CoinMarketCap. It ranks as the third-largest cryptocurrency behind only Bitcoin and Ether.
The firm also holds a significant amount of gold within its reserves. Reporting from September 2025 showed $12 billion in gold exposure.
For its gold-backed stablecoin XAUt, Tether holds 520,089 troy ounces separately. A company spokesperson stated this gold is eligible for physical delivery redemption.
