Tether Reports $10B Profits, $186B USD Supply, and Record US Treasury Exposure

Key Insights:

• USDT-issuer Tether recorded a net profit of over $10 billion last year, while maintaining excess reserves worth $6.34 billion.
• The circulation of USDT reached an all-time high of 186 billion tokens, supported by a massive $192.9 billion reserve fund.
• Its direct holdings of US Treasury bills were more than $122 billion, making the company one of the largest private owners of American government debt.

Tether International recently published its fourth-quarter report for last year, showing a net profit of more than $10 billion.

This performance shows the company’s growing reliance on digital dollars in global trade.

As traditional banking systems continue to struggle with speed, the demand for liquid digital assets continues to climb.

Tether Reports Massive Profit and Growth for 2025

The financial data audited by BDO shows how much Tether has grown so far.

Over last year’s reporting period, the issuer minted nearly 50 billion new USDT tokens, which represented the second-largest issuance in the history of the firm.

Notably, about 30 billion of these tokens entered the market during the second half of the year alone.

Reports also show that emerging markets drove much of this demand as businesses searched for a stable way to hold value outside of local currencies.

Total assets under management rose to approximately $192.9 billion by the end of December. This figure comfortably covers the $186.5 billion in liabilities for Tether, mainly tied to issued digital coins.

For context, having more assets than debts creates a safety cushion known as excess reserves.

And according to Tether, these reserves grew to $6.34 billion by year-end, providing extra security for the millions of people who use the token daily.

Moreover, the circulation volume reached an all-time high of 186 billion tokens used by 530 million people worldwide.

US Treasuries and the Strength of Reserves

A major portion of the backing for the USDT stablecoins came from high-quality liquid assets.

Tether now holds over $122 billion in direct US Treasury bills. When including other agreements collateralised by government debt, the total exposure came in at more than $141 billion.

This level of investment thus places the firm among the top holders of US government debt globally.

Tether Reserves also include a mix of other valuable assets, like $17.45 billion in physical precious metals, which by late January featured a gold reserve of 140 tons, valued at $23 billion.

Tether News: Investments in Artificial Intelligence and Energy

Tether uses its excess capital to fund a separate investment portfolio worth over $20 billion. These funds target sectors like energy production and artificial intelligence and they also support projects in media and sustainable agriculture.

This portfolio is managed by Tether SICAF SA and stays completely separate from the reserves backing the tokens.

CEO Paolo Ardoino explained that the growth so far this year shows a structural change in how the world moves money. He noted that USDT has become a widely adopted monetary social network.

This is especially true in regions where traditional banking is slow or hard to reach.

In all, as the circulation of USDT approaches 200 billion tokens, the influence of the company is expected to expand.

This serves as a channel for dollar liquidity in a way that traditional banks cannot match.

Most of Tether’s massive profit will likely be used to strengthen its own systems with new ventures in tech and crypto.