Tether, the issuer of USDT, the world’s most popular stablecoin, reported on Friday net profits of more than $10 billion in 2025, driven by steady growth in its flagship token and increasing exposure to U.S. Treasuries and gold.
A fourth-quarter certificate signed by Italian accounting firm BDO shows Tether holds $6.3 billion in excess reserves, a buffer against its $186.5 billion in liabilities related to issued tokens. The circulating supply of USDT has grown by $50 billion in one year, reaching more than $186 billion.
The company continued to increase its holdings of U.S. Treasuries, with direct exposure reaching $122 billion and exposure including overnight reverse repurchase agreements to $141 billion. That makes the company one of the world’s largest holders of U.S. government debt.
Tether also maintains large allocations to gold and Bitcoin, holding $17.4 billion and $8.4 billion respectively. According to a Bloomberg interview with Ardoino earlier this month, the company is buying physical gold at a rate of up to 2 tons per week, and the total monthly purchases may exceed $1 billion.
Tether’s investment portfolio, separate from reserve assets, is worth $20 billion.
“With USDT issuance reaching record levels, reserves exceeding liabilities by billions, Treasury exposure reaching historic highs, and strong risk management, Tether enters 2026 with one of the strongest balance sheets among global companies,” Tether CEO Paolo Ardoino said in a statement.
The latest report comes amid growing global demand for stablecoins, with Tether’s USDT remaining the primary digital dollar in circulation. Earlier this week, Tether partnered with U.S. federally chartered crypto bank Anchorage Digital to launch USAT, a new stablecoin tailor-made for the U.S. market. The move marks an effort to carve out a compliance base in the U.S.
