Tether, the world’s largest stablecoin issuer, reported more than $10 billion in net profit for 2025 as USDT circulation climbed above $186 billion by year’s end, according to its Q4 2025 attestation report.
Total reserves rose to nearly $193 billion, continuing to exceed liabilities, with excess reserves reaching $6.3 billion.
Nearly $50 billion in new USDT was issued during 2025, with roughly $30 billion minted in the second half alone as demand surged across payments, trading, and emerging markets.
Tether’s exposure to US Treasuries reached fresh records, with direct holdings exceeding $122 billion and total Treasury exposure topping $141 billion. The figures place the company among the world’s largest holders of US government debt.
The company’s gold division has also expanded rapidly as bullion prices reached all-time highs. Tether Gold (XAUT) surpassed $2 billion in market capitalization, accounting for more than half of all gold-backed tokens in circulation.
CEO Paolo Ardoino said USDT’s growth reflects rising global demand for dollars outside traditional banking systems, adding that USD₮, with its network effect and parabolic growth, has become the most widely adopted monetary social network in history.