Tether Crosses $10B Profit Mark as USDT Supply Hits Record High

Tether, the issuer behind the world’s most widely used stablecoin USDT, reported more than $10 billion in net profit for 2025, according to a new annual attestation completed by accounting firm BDO. The results underscore the company’s growing influence not just in crypto markets, but across traditional finance as well.

During the year, Tether recorded one of its largest expansions ever, minting over $50 billion worth of USDT and pushing total circulation to a new all-time high above $186 billion. The stablecoin supply is backed by roughly $193 billion in assets, leaving the company with $6.3 billion in excess reserves.

Tether attributed its performance to active reserve management and diversified capital deployment, spanning U.S. Treasuries, digital assets and in-house investment vehicles. The firm now holds approximately $122 billion in U.S. government debt, placing it among the largest Treasury holders globally. Its reserves also include around 140 tons of gold, which serves both as a hedge against inflation and backing for its gold-linked XAUT token.

While profits came in below the more than $13 billion reported in 2024, Tether has continued to rank among the most profitable privately held companies worldwide. Under CEO Paolo Ardoino, the firm has expanded beyond stablecoins, channeling capital into bitcoin mining, peer-to-peer communications platforms and decentralized artificial intelligence projects.

In a sign of its expanding regulatory and geographic footprint, Tether also established a U.S.-based subsidiary in 2025. That entity recently launched USAT, a new “Made in America” dollar stablecoin, marking another step in the company’s push to localize and diversify its digital dollar offerings.