Tether Posts Record $10B+ Profit in 2025, Bolstered by Massive Gold and Treasury Holdings
Tether, the company behind the dominant stablecoin USDT, closed out 2025 with staggering financial results, reporting a net profit exceeding $10 billion. The firm's latest attestation, reviewed by BDO Italy, reveals a balance sheet strengthened by aggressive accumulation of U.S. Treasury bonds and physical gold.
The report shows Tether's excess reserves—funds held above the backing for its tokens—stood at $6.3 billion against liabilities of $186.5 billion. The circulating supply of USDT grew by $50 billion over the year, surpassing $186 billion, underscoring its entrenched role in the digital economy.
Perhaps most striking is the scale of Tether's traditional finance holdings. Its direct exposure to U.S. Treasuries reached $122 billion, swelling to $141 billion when including overnight reverse repurchase agreements. This places the crypto-native company among the world's top holders of U.S. government debt, a cohort typically occupied by sovereign nations and massive central banks.
Gold reserves also soared, hitting $17.4 billion. In a recent interview, CEO Paolo Ardoino disclosed the company has been purchasing physical gold at a pace of up to two tons per week—a buying spree that could equate to over $1 billion monthly. Bitcoin holdings were valued at $8.4 billion, with a separate investment portfolio worth $20 billion.
"With record USDT issuance, reserves billions above liabilities, historic Treasury exposure, and robust risk management, Tether enters 2026 with one of the strongest balance sheets of any global company," Ardoino stated.
The financial update arrives as global demand for dollar-pegged digital assets climbs. Tether recently launched USAT, a new stablecoin tailored for the U.S. market in partnership with federally chartered Anchorage Digital, signaling a strategic push for regulatory compliance stateside.
Analyst & Investor Commentary:
"These numbers are monumental," says Marcus Chen, a fintech portfolio manager at Horizon Capital. "Tether is no longer just a crypto utility; it's a macro financial player. Its Treasury holdings alone would rank it above most countries. This level of profitability and reserve growth fundamentally alters the perception of risk in the stablecoin sector."
"It's a house of cards painted to look like Fort Knox," counters Elara Vance, a former regulator and vocal critic. "A private company amassing this much sovereign debt and gold, with opaque operational ties, poses a systemic risk they conveniently gloss over. Where is the full, audited proof of these physical gold bars? Their 'attestation' is not a full audit. The market is celebrating concentration risk as strength."
"The launch of USAT is the real story here," notes David Park, a blockchain consultant. "The profits are impressive, but the strategic pivot to a U.S.-focused, bank-partnered stablecoin shows Tether is preparing for a new regulatory era. They're building bridges to traditional finance while their core product dominates overseas markets."