Tether Reports $10B Profit and $141B in U.S. Treasury Holdings for 2025

TLDR: Tether generated over $10 billion in net profits during 2025 with excess reserves reaching $6.3 billion. The company issued nearly $50 billion in new USD₮ tokens, pushing total circulation to $186 billion. Direct and indirect U.S. Treasury exposure surpassed $141 billion, making Tether a top global holder. Total reserve assets climbed to $193 billion, continuing to exceed liabilities across all quarters. Tether International posted net profits exceeding $10 billion for 2025, according to its Q4 attestation prepared by BDO. The stablecoin issuer now holds over $141 billion in U.S. Treasury exposure while maintaining $6.3 billion in excess reserves. Total USD₮ circulation reached an all-time high of $186 billion, supported by nearly $193 billion in reserve assets. Record Issuance Drives Balance Sheet Expansion The company issued nearly $50 billion in new USD₮ during 2025, marking the second-largest annual issuance in its history. About $30 billion of this total came during the second half of the year. Strong demand from emerging markets and digital asset trading platforms fueled this growth. The rapid expansion positioned USD₮ as one of the fastest-growing dollar-denominated instruments globally. Total liabilities reached $186.5 billion as of December 31, 2025, while total assets exceeded $192.8 billion. The digital tokens issued accounted for $186.4 billion of the total liabilities. This financial structure maintained Tether’s position as reserves continued to surpass liabilities throughout the year. The stablecoin ecosystem now serves more than 530 million users worldwide. This user base represents growth in adoption across global markets. CEO Paolo Ardoino stated that USD₮ has become “the most widely adopted monetary social network in the history of humanity.” The network effect contributed to USD₮’s expanding role in international payments and settlements. BDO’s attestation confirmed the accuracy of Tether’s Financial Figures and Reserves Report. The inde...