Tether Reports 2025 Profits Above $10 Billion as USD₮ Supply and Treasury Holdings Increase

Tether has published its fourth-quarter 2025 Financial Figures and Reserves Report, outlining the size, composition, and valuation of the assets backing its U.S. dollar–pegged stablecoin, USD₮, as of December 31st, 2025. 

The report was subject to an independent assurance engagement by BDO under the ISAE 3000 (Revised) standard.

According to the disclosure, Tether recorded net profits of approximately $10.1 billion during 2025. 

After dividend distributions, the company reported excess reserves (defined as assets exceeding liabilities) of $6.34 billion at year-end. 

Total assets were reported at $192.9 billion, while total liabilities amounted to $186.5 billion, primarily associated with issued digital tokens.

USD₮ supply increased materially over the year. Tether issued close to $50 billion in new USD₮ during 2025, with roughly $30 billion issued in the second half of the year. As a result, USD₮ in circulation exceeded $186 billion by year-end. 

Total reserve assets backing issued tokens rose to approximately $193 billion, continuing to exceed reported liabilities at the reporting date.

The reserves were primarily composed of short-duration U.S. government debt. As of December 31st, direct holdings of U.S. Treasury bills exceeded $122.3 billion. 

Including overnight and term reverse repurchase agreements collateralized by Treasuries, total direct and indirect exposure to U.S. government debt surpassed $141 billion.

In addition to Treasuries, the reserves included $17.45 billion in physical precious metals, $8.43 billion in Bitcoin, $17.04 billion in secured loans described as over-collateralized by liquid assets, and smaller allocations to corporate bonds and other investments. 

Bitcoin holdings were valued using a year-end price of $87,647.54 per Bitcoin, as stated in the report.

BDO concluded that the Financial Figures and Reserves Report was fairly presented in all material respects under management’s accounting policies, based on procedures confirming asset existence and valuation, liability reconciliation, and third-party confirmations. 

The firm also noted that the report reflects a point-in-time snapshot and does not constitute a full set of IFRS financial statements.

Tether disclosed that investments made through affiliated investment vehicles (covering areas such as artificial intelligence, energy, media, fintech, agriculture, and digital asset treasury companies) are not included in the reserves backing USD₮. 

These investments are funded from excess capital and profits and are reported as segregated from token reserves. As of the end of 2025, this separate investment portfolio exceeded $20 billion in value.

Commenting on the results, Tether CEO Paolo Ardoino said:

“What matters about 2025 is not just the scale of growth, but the structure behind it. USD₮ expanded because global demand for dollars is increasingly moving outside traditional banking rails, particularly in regions where financial systems are slow, fragmented, or inaccessible. USD₮, with its network effect and parabolic growth, has become the most widely adopted monetary social network in the history of humanity. This has been made possible by the trust accrued by our strong risk management setup, unprecedented in the financial sector, and the decisions we make around asset quality, allocation, and liquidity are designed to ensure USD₮ remains reliable and usable at a global scale, even during periods of extreme demand.”

As of the end of 2025, Tether reported record levels of USD₮ in circulation, reserve assets exceeding liabilities, and increased exposure to U.S. Treasury instruments, reflecting the scale of its stablecoin operations at the reporting date.