Tether, the issuer of USDt, the world’s largest stablecoin, reported around $3 billion less in net profits in 2025, while its US Treasury holdings reached new all-time highs.
In a report published on Friday and prepared by accounting firm BDO, Tether said it posted net profits of more than $10 billion in 2025, which is down around 23% from the $13 billion it reported in 2024.
Meanwhile, Tether said its direct US Treasury holdings climbed above $122 billion in 2025, marking “the highest level ever.” The company said this shows the “ongoing shift toward highly liquid, low-risk assets.”
The company issued $50 billion in new USDt (USDT) over the 12-month period, with Tether CEO Paolo Ardoino saying demand for the stablecoin grew as “global demand” for US dollars moved outside traditional banking rails.
USDt has soared in slow and fragmented financial systems
“Particularly in regions where financial systems are slow, fragmented, or inaccessible,” he said, claiming that the stablecoin has “become the most widely adopted monetary social network in the history of humanity.”
Crypto market participants closely watch Tether’s financials because its stablecoin makes up a major part of the ecosystem. USDt ranks as the third-largest cryptocurrency after Bitcoin (BTC) and Ether (ETH), with a market capitalization of $185.51 billion, according to CoinMarketCap.
Tether’s profits and reserves provide some insight into stablecoin market confidence, which is relevant for traders and exchanges that use USDt as a dollar substitute for liquidity and collateral.
Tether, which also issues the gold-backed stablecoin XAUt (XAUT), has been accumulating gold as part of its reserves for some time, reporting $12 billion in exposure as of September 2025.
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The company holds 520,089 troy ounces of gold for XAUT — roughly 16.2 metric tons — separately from a broader reserve of 130 metric tons, worth around $22 billion at current prices.
“Tether maintains approximately 130 metric tons of physical gold, and the gold backing every XAUT token is held separately, making it eligible for physical delivery redemption,” a spokesperson for Tether recently told Cointelegraph.
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