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