Tether posts $10B profit and record Treasury holdings

Tether reported $10B in 2025 profits, $6.3B in excess reserves, and record $141B in U.S. Treasury holdings. Nearly $50B in new tokens were issued, with circulation at $186B.

Tether reported net profits exceeding $10 billion for 2025, driven by strong financial performance and record growth in its stablecoin operations. The company’s Q4 attestation, prepared by BDO, confirmed the accuracy of its financial figures and reserves, with excess reserves reaching $6.3 billion. Tether’s U.S. Treasury holdings surged to a record $141 billion, highlighting a strategic focus on secure assets. Nearly $50 billion in new USD₮ tokens were issued during the year, pushing total circulation to an all-time high of $186 billion, backed by $193 billion in reserve assets. Despite a 23% decline in profit compared to the previous year’s $13 billion, Tether remains one of the most profitable entities in the crypto sector. The company also began a fundraising process to increase its valuation, while maintaining reserves that exceed liabilities. Its performance is supported by disciplined reserve management and strong demand from emerging markets and digital asset trading platforms.