Tether Reports $4.9B Q2 Profit, Boosts U.S. Treasury Holdings to $127B
Tether International, S.A. de C.V., on Thursday released its second-quarter 2025 attestation report, confirming it has issued more than $13.4 billion in new USDT stablecoins and posted a net profit of approximately $4.9 billion for the period ending June 30. The independent review, conducted by global accounting firm BDO, verified Tether’s financial figures and reserve composition. The new issuance brings Tether’s total circulating supply of USDT to over $157 billion, representing an increase of about $20 billion since the start of the year. The report also shows Tether’s total assets reached roughly $162.6 billion, while total liabilities stood at around $157.1 billion, the majority tied to digital tokens issued. The company’s assets exceeded its liabilities at the end of the quarter. Tether’s exposure to U.S. Treasuries, both directly and indirectly, climbed to more than $127 billion by June 30 — an increase of roughly $8 billion compared to the previous quarter. This level places Tether among the largest private holders of U.S. government debt globally. Tether Earnings Driven by Treasury, Bitcoin and Gold Holdings In its report, Tether detailed that recurrent profits for the first half of 2025 totalled about $3.1 billion, largely from its core stablecoin business and U.S. Treasury portfolio. Additional mark-to-market gains from bitcoin and gold holdings added another $2.6 billion, bringing total profit for the first half of the year to approximately $5.7 billion. Shareholder capital in the company managing the reserves remained steady at roughly $5.47 billion. Tether said this equity buffer helps protect against market volatility and supports its ongoing operations across economic cycles. While Tether amasses profits from traditional assets, the company also maintains proprietary investments in sectors such as artificial intelligence, renewable energy, and communications infrastructure. According to Tether, these investments are not included in the reserves backing its issued tokens. Investment Strategy Expands, Focus on the U.S. Market Tether said it reinvested a significant portion of recent earnings into long-term initiatives, including XXI Capital and projects related to digital media and data infrastructure. The company noted that around $4 billion of these funds have been deployed within the United States to date. CEO Paolo Ardoino stated the report highlights rising market demand for digital dollar instruments and Tether’s role in providing dollar-denominated liquidity worldwide. “With over $127 billion in U.S. Treasury exposure and over $20 billion in new USDT issued, we’re not just keeping pace with global demand, we’re shaping it,” Ardoino said. The attestation, published quarterly, is part of Tether’s effort to document the assets backing its stablecoins. The report comes as policymakers advance regulations such as the GENIUS Act, aimed at clarifying rules for digital dollar issuance. As of the end of June, Tether said it serves users in more than 150 countries, including fintech firms, exchanges and individuals, often in markets with limited traditional banking access.