Tether reported a pointy bounce in income for the second quarter of 2025, as stablecoins proceed to realize floor amid a extra settled regulatory panorama within the U.S.
The corporate behind USDT, the world’s largest stablecoin, booked $4.9 billion in internet revenue final quarter — up 277% from the identical interval a yr in the past. The bounce was pushed partly by rising yields on U.S. Treasurys, which make up the majority of the reserves backing its dollar-pegged token.
USDT at present instructions a 61.7% share of the stablecoin market, with a market cap of $164.5 billion, based on DefiLlama. Tether mentioned it held $162.6 billion in property and $157.1 billion in liabilities as of June 30, most of that are tied to token issuance.
Tether additionally grew its U.S. Treasury holdings to $127 billion — sufficient to rank it because the 18th-largest holder globally, surpassing South Korea.
Within the first half of the yr, Tether generated $5.7 billion in revenue, barely forward of the $5.2 billion it made in the identical stretch of 2024.
The most recent numbers arrive because the U.S. strikes towards clearer guidelines for digital {dollars}. Tether’s report referenced the not too long ago handed GENIUS Act, a brand new regulation aimed toward defining stablecoin oversight and reinforcing the greenback’s position in digital finance.
Rivals Preserve Tempo
Tether’s rivals aren’t sitting nonetheless. Circle, which points USDC, went public in June. Its shares debuted at $31 and have since surged to almost $187.
PayPal, which launched its personal stablecoin final yr, started providing a 3.7% yield on holdings in April. In the meantime, World Liberty Monetary — considered one of Donald Trump’s crypto ventures — launched a brand new token of its personal and invested $10 million in Falcon Finance to construct blockchain infrastructure.
Trump signed the GENIUS Act into regulation earlier this month, giving the U.S. its first formal regulatory framework for stablecoin issuers.
In Europe, policymakers are additionally paying consideration. Jürgen Schaaf, an adviser to the European Central Financial institution, warned on Tuesday that the EU might fall behind with out unified guidelines. Deutsche Financial institution, Galaxy, and Move Merchants this week unveiled a euro-backed stablecoin on Ethereum.
