Tether’s Record Year in 2025
Tether, the company behind the world’s largest stablecoin, just released some staggering numbers for 2025. According to their Q4 attestation report, they made over $10 billion in net profit last year. That’s a massive figure, especially when you consider what they do.
What’s perhaps more interesting is how much USDT is actually out there now. The circulation climbed above $186 billion by the end of 2025. I think that’s worth pausing on for a moment. Nearly $50 billion in new USDT was issued during the year alone, with about $30 billion of that coming in just the second half. The demand seems to be accelerating, not slowing down.
Reserves and Treasury Holdings
Their total reserves rose to almost $193 billion, which continues to exceed their liabilities. They’ve got about $6.3 billion in excess reserves sitting there. But the real story might be in their US Treasury holdings.
Tether’s exposure to US Treasuries reached new records. Direct holdings exceeded $122 billion, and their total Treasury exposure topped $141 billion. That puts them among the world’s largest holders of US government debt. It’s a bit strange to think about—a stablecoin company being one of the biggest buyers of US government bonds.
Gold Division Expansion
Their gold division has been growing quickly too. With bullion prices hitting all-time highs, Tether Gold (XAUT) surpassed $2 billion in market capitalization. That accounts for more than half of all gold-backed tokens in circulation right now.
It’s interesting to see how they’re diversifying beyond just the dollar-pegged stablecoin. The gold token seems to be finding its own audience, though it’s still much smaller than the main USDT offering.
CEO Perspective on Growth
CEO Paolo Ardoino had some thoughts on all this growth. He said USDT’s expansion reflects rising global demand for dollars outside traditional banking systems. He called USD₮, with its network effect and what he described as parabolic growth, the most widely adopted monetary social network in history.
That’s a bold claim, but the numbers do seem to back it up. When you look at the circulation figures and the profit, there’s clearly something happening here that goes beyond just cryptocurrency trading.
I wonder if this growth is sustainable, though. The numbers are getting so large that it’s hard to wrap your head around them. $186 billion in circulation, $10 billion in profit—these aren’t small figures for any company, let alone one in the crypto space.
The attestation report shows they’re maintaining their reserves properly, which is crucial for a stablecoin issuer. But with this much growth comes increased scrutiny, I imagine. Regulators are probably watching these numbers very closely.
What strikes me is how much of this seems to be driven by real-world use cases. The article mentions payments, trading, and emerging markets. It’s not just speculation anymore—people are actually using USDT for transactions in places where traditional banking might be difficult or expensive.
Still, I can’t help but think about what happens if there’s a major market shift. With this much exposure to US Treasuries, they’re tied pretty closely to traditional financial markets too. It’s an interesting position to be in—bridging crypto and traditional finance in such a substantial way.
