Important points:
- Tether made a net profit of more than $10 billion in 2025, with excess reserves reaching up to $6.3 billion.
- With approximately $50 billion in new issuance during the year, USDT stock reached a new high of over $186 billion.
- The US Treasury’s exposure has increased to a record $141 billion, putting Tether among the world’s top holders.
I also gave up on the tether. Certification for Q4 2025 It marks a year of record issuance, balance sheet expansion, and profitability. This report compiled by BDO provides a comprehensive view of the assets supporting USDT as the digital dollar game is being torn apart around the world.
Tether’s 2025 Financial Performance Hits New High
As of 2025, Tether has generated over $10 billion in net income, ensuring it ranks as one of the most profitable private crypto players. Excess reserves amounted to $6.3 trillion, with assets significantly exceeding liabilities throughout the year.
At the end of the year, total assets were approximately $192.9 billion and total liabilities were approximately $186.5 billion, almost all of which were related to the digital tokens issued. Even in cases of over-issuance, retained earnings indicate well-managed reserves and a focus on liquidity.
USDT issuance flows particularly increased in the second half of the year. Due to increased demand for dollars in trading, payments, and emerging markets, the amount minted in this segment alone reached approximately $30 billion. Almost $50 billion of new USDT entered the market during the year, increasing overall supply to a historic peak of over $186 billion.
Read more: Tether releases USA₮ stablecoin under GENIUS Act
U.S. Treasuries will form the core of Tether’s reserves
As of 2025, Tether’s exposure to U.S. government debt has reached a historic peak, indicating its transformation into a lower-risk, more liquid asset. By December 31st:
- US Treasury holdings exceed $122 billion
- Total direct and indirect exposure exceeded $141 billion, including reverse repurchase agreements
Such size has propelled Tether to the position of the world’s largest holder of U.S. Treasuries, underscoring Tether’s growing position as providing a channel to demand dollars around the world without necessarily going through the banking system.
At the same time, total reserve assets increased to nearly $193 billion, also a record number. Even when the issuance rate was high, reserves always exceeded debt.
Read more: Tether and UN team up to win Africa’s digital economy
Excess capital fuels $20 billion investment portfolio
In addition to reserves supporting USDT, Tether has developed a large investment arm supported by surplus capital and profits. By Q4 2025, this unique portfolio exceeded $20 billion representing AI, energy, fintech, media, agriculture, precious metals, and digital asset treasury companies.
These investments are in no way dependent on USDT reserves or issued token support. Tether says this structure protects token holders while allowing the company to deploy capital into long-term strategic areas.
CEO Paolo Ardoino emphasized that growth in 2025 will be driven by structural demand, not speculation. He said adoption of USDT continues to increase in regions where access to banks is slow or fragmented, positioning the stablecoin at the core of global cryptocurrency liquidity as 2026 approaches.
