Tether, issuer of the world’s hottest stablecoin USDT, wrapped up 2025 with a net revenue of over $10 billion, the corporate reported Friday, bolstered by regular development in its flagship token and rising publicity to U.S. Treasuries and gold.
The fourth-quarter attestation, signed by accounting agency BDO Italy, confirmed Tether holding $6.3 billion in extra reserves, a buffer over its $186.5 billion in liabilities tied to issued tokens. USDT’s circulating provide grew by $50 billion over the yr, to over $186 billion.
The agency continued ramping up its holdings of U.S. Treasuries, reaching $122 billion in direct publicity and $141 billion together with in a single day reverse repurchase agreements. That positions the corporate among the many largest holders of U.S. authorities debt globally.
Tether additionally maintained important allocations to gold and bitcoin, reporting holdings of $17.4 billion and $8.4 billion, respectively. The corporate has been buying physical gold at a price of as much as two tons per week, a tempo that would whole greater than $1 billion in month-to-month purchases, in keeping with a Bloomberg interview with Ardoino earlier this month.
Tether’s funding portfolio, which is separated from reserve belongings, was valued at $20 billion.
“With USDT issuance at file ranges, reserves exceeding liabilities by billions of {dollars}, Treasury publicity at historic highs, and sturdy threat administration, Tether enters 2026 with one of many strongest stability sheets of any international firm,” mentioned Paolo Ardoino, CEO of Tether, in an announcement.
The newest report comes amid rising international demand for stablecoins, with Tether’s USDT remaining the dominant digital greenback in circulation. Earlier this week, Tether launched USAT — a brand new stablecoin tailor-made for the U.S. market — in partnership with Anchorage Digital, a U.S.-based federally chartered crypto financial institution. The transfer marks a bid to carve out regulatory-compliant floor in the U.S.
