Tether, the issuer of the world’s most popular stablecoin USDT, ended 2025 with a net profit of more than $10 billion, the company reported on Friday, boosted by steady growth in its flagship token and growing exposure to U.S. Treasuries and gold.
The fourth quarter certificate, signed by accounting firm BDO Italy, showed that Tether had $6.3 billion in excess reserves, a buffer over its $186.5 billion in liabilities tied to issued tokens. USDT’s circulating supply grew by $50 billion over the year to over $186 billion.
The firm continued to increase its holdings of US Treasuries, reaching $122 billion in direct exposure and $141 billion including reverse repurchase agreements overnight. That places the company among the largest holders of US government debt globally.
Tether also maintained significant allocations to gold and bitcoin, reporting holdings of $17.4 billion and $8.4 billion, respectively. The company has been buying physical gold at a rate of up to two tons per week, a pace that could rack up more than $1 billion in monthly purchases, according to a Bloomberg interview with Ardoino earlier this month.
Tether’s investment portfolio, which is separate from reserve assets, was valued at $20 billion.
“With USDT issuance at record levels, reserves exceeding liabilities by billions of dollars, treasury exposure at historic highs and strong risk management, Tether enters 2026 with one of the strongest balance sheets of any global company,” said Paolo Ardoino, CEO of Tether, in a statement.
The latest report comes amid rising global demand for stablecoins, with Tether’s USDT remaining the dominant digital dollar in circulation. Earlier this week, Tether launched USAT – a new stablecoin tailored for the US market – in partnership with Anchorage Digital, a US-based federally chartered crypto bank. The move marks an attempt to carve out regulatory-compliant land in the United States
