TLDR
- Tether reported $4.9 billion internet revenue in Q2 2025, a 277% enhance from the identical quarter final yr
- The corporate holds $162.5 billion in reserves in opposition to $157.1 billion in liabilities, creating $5.4 billion in extra reserves
- Tether turned the 18th-largest holder of US Treasury bonds with over $127 billion in publicity
- The corporate invested $4 billion in US-based initiatives together with AI, renewable vitality, and digital communications
- USDT maintains 61.7% market share of all stablecoins with $164.5 billion market cap
Tether Worldwide Ltd., the corporate behind the world’s largest stablecoin USDT, posted a report $4.9 billion internet revenue in the second quarter of 2025. This represents a 277% enhance in comparison with the identical interval in 2024.
Tether Points $20B in USD₮ YTD, Turns into One in all Largest U.S. Debt Holders with $127B in Treasuries, Internet Revenue ~$4.9B in Q2 2025 Attestation Report
Learn extra: https://t.co/0sJW8MiSoO
— Tether (@Tether_to) July 31, 2025
The monetary outcomes come as stablecoins acquire wider acceptance in conventional finance. Regulatory readability in america has helped gasoline this progress.
Based on an attestation by accounting agency BDO, Tether held $162.5 billion in reserves in opposition to $157.1 billion in liabilities as of June 30. This creates an extra reserve of $5.4 billion.
The liabilities primarily include USDT tokens which have been issued to customers. USDT stays the dominant stablecoin with a 61.7% market share and $164.5 billion market capitalization.
Tether expanded its holdings of US Treasury bonds to over $127 billion in the course of the quarter. This consists of direct holdings and devices like cash market funds and in a single day reverse repurchase agreements.
The corporate’s Treasury place makes it the 18th-largest holder of US debt devices globally. Tether surpassed South Korea to succeed in this rating.
Treasury Holdings Drive Profitability
The corporate issued greater than $13 billion value of latest USDT tokens in the course of the quarter. This growth drove elevated Treasury holdings and contributed to the sturdy revenue margins.
For the primary six months of 2025, Tether recorded complete income of $5.7 billion. This represents a 9.6% enhance from $5.2 billion in the identical interval of 2024.
The income embody $3.1 billion in recurrent earnings and $2.6 billion from mark-to-market features. The features got here from worth will increase in gold and bitcoin holdings.
Tether holds roughly $8.9 billion value of bitcoin in its reserves. This interprets to over 83,200 bitcoin tokens as of June 30.
Funding in US Initiatives
Tether has invested roughly $4 billion in US-based tasks throughout a number of sectors. These investments span synthetic intelligence, renewable vitality, and digital communications.
The investments embody XXI Capital, a bitcoin treasury agency making ready to go public. The corporate plans to merge with a Cantor Fitzgerald-backed shell firm.
Different investments embody funding for video platform Rumble and growth of Tether’s crypto pockets providers. These strikes signify Tether’s growth past stablecoin operations.
The timing coincides with new US regulatory framework for stablecoins. President Trump signed the GENIUS Act into legislation in July 2025, creating the primary federal stablecoin rules.
CEO Paolo Ardoino said the corporate will adjust to new rules. Tether plans to concern an onshore model of its stablecoin for US markets.
Circle, Tether’s major competitor and creator of USDC, accomplished an preliminary public providing in June 2025. Circle’s inventory debuted at $31 per share and at present trades at $186.83.
PayPal announced a 3.7% yield on its stablecoin providing in April 2025. World Liberty Monetary, related to President Trump, launched its personal stablecoin and invested $10 million in blockchain infrastructure.
European regulators are additionally taking motion on stablecoins. Deutsche Financial institution, Galaxy, and Circulation Merchants launched a euro-backed stablecoin on Ethereum this week.
