Tether Reaches Record High Treasury Holdings, Profits Fall

Tether, the issuer of USDt, the world’s largest stablecoin, reported around $3 billion less in net profits in 2025, while its US Treasury holdings reached new all-time highs.

In a report published on Friday and prepared by accounting firm BDO, Tether said it posted net profits of more than $10 billion in 2025, which is down around 23% from the $13 billion it reported in 2024.

Meanwhile, Tether said its direct US Treasury holdings climbed above $122 billion in 2025, marking “the highest level ever.” The company said this shows the “ongoing shift toward highly liquid, low-risk assets.”

The company issued $50 billion in new USDt (USDT) over the 12-month period, with Tether CEO Paolo Ardoino saying demand for the stablecoin grew as “global demand” for US dollars moved outside traditional banking rails.

USDt has soared in slow and fragmented financial systems

“Particularly in regions where financial systems are slow, fragmented, or inaccessible,” he said, claiming that the stablecoin has “become the most widely adopted monetary social network in the history of humanity.”

Crypto market participants closely watch Tether’s financials because its stablecoin makes up a major part of the ecosystem. USDt ranks as the third-largest cryptocurrency after Bitcoin (BTC) and Ether (ETH), with a market capitalization of $185.51 billion, according to CoinMarketCap.