With $10.09 billion in net profit in 2025 and excess reserves exceeding $6.3 billion, Tether International has once again cemented its status as the dominant force in digital finance. The world’s largest stablecoin issuer now openly rivals Wall Street’s biggest banks — and in several cases, outperforms them outright.
$10 Billion in Profit: A Record Year Despite a 23% Decline
The Q4 2025 financial attestation, prepared by BDO — one of the world’s Big Five accounting firms — confirms an annual net profit of $10.09 billion. This represents a 23% drop compared to the $13.7 billion recorded in 2024, the company’s all-time record year.
To put the performance in context: Tether’s profits exceed those of Bank of America ($8.9B) and approach Goldman Sachs ($12.56B) and Morgan Stanley ($12.4B) — all achieved with barely 250 employees.
A Colossal Balance Sheet: $192 Billion in Assets
As of December 31, 2025, Tether’s total assets stood at $192.88 billion, against liabilities of $186.54 billion. The gap — $6.3 billion in excess reserves — provides a safety margin that far exceeds the 100% collateral requirement.
| Key Metric | Q4 2025 | Change |
|---|---|---|
| Annual Net Profit | $10.09B | ▼ 23% vs 2024 |
| Total Assets | $192.88B | +$49B |
| USDT in Circulation | $186B+ | +$50B minted |
| Excess Reserves | $6.3B | Stable |
| Global Users | 530 million | +30M vs Q3 |
| Treasury Exposure | $141B | All-time high |
$50 Billion in New USDT: Explosive Growth
2025 saw Tether mint nearly $50 billion in new USDT — the second-largest annual issuance in company history. Total circulation now surpasses $186 billion, while the user base has reached 530 million people — roughly 6.25% of the global population.
This surge is driven primarily by emerging markets, where access to the US dollar through traditional banking remains limited or prohibitively expensive.
« This year was exceptional not only for the scale of growth, but also for its structure. USDT grew because global demand for dollars is increasingly extending beyond traditional banking systems, particularly in regions where financial systems are slow, fragmented, or inaccessible. »
Paolo Ardoino, CEO of Tether
$141 Billion in Treasuries: Tether Among the Largest U.S. Creditors
The most consequential development of 2025 concerns Tether’s exposure to U.S. Treasury bonds. Direct holdings surpassed $122 billion, and including indirect exposure via reverse repos, total Treasury exposure now exceeds $141 billion.
This places Tether among the top 20 global holders of U.S. Treasuries, surpassing nations like South Korea. Yields of 4–5% on these short-term instruments form the core engine of the company’s business model.
Bitcoin, Gold, and Tech: A Massive Diversification Play
Beyond Treasuries, Tether now holds over 96,000 bitcoins after acquiring 8,888.8888888 BTC in Q4. The company has also accumulated roughly 140 tonnes of physical gold, valued at $23 billion, stored in a former nuclear bunker in Switzerland — making it the largest private holder of physical gold in the world.
Through its investment arms Tether Investments and XXI Capital, the company has deployed approximately $4 billion into AI, renewable energy, and open-source infrastructure firms, including a headline $775 million investment in Rumble.
USAT: The Stablecoin Built for the U.S. Market
Under mounting regulatory pressure, Tether launched USAT (USA₮) in January 2026 — a new stablecoin issued by Anchorage Digital Bank and fully compliant with the GENIUS Act. Cantor Fitzgerald serves as custodian, with Bo Hines — a former White House crypto advisor — at the helm.
Storm Clouds: S&P Downgrade, Investigations, and Rising Competition
In November 2025, S&P Global Ratings downgraded USDT to the lowest tier on its stablecoin evaluation scale, citing a rise in high-risk assets within Tether’s reserves — reaching 24% as of September 2025, up from 17% a year prior. Reports of Department of Justice investigations into potential money laundering violations have also emerged.
On the competitive front, Circle’s USDC posted 73% growth in 2025, reaching $75 billion in market cap — a growth rate double that of USDT (+36%). The combined Tether-Circle market share has fallen to 84%, signaling the rise of challengers like Ethena’s USDe ($14.7B).
What’s Next
Paolo Ardoino has projected that 2026 profits could exceed $10 billion, potentially returning to the $13.7 billion earned in 2024 — contingent on Treasury yields remaining elevated. The key risk? A Fed rate cut, which would directly compress margins on the $141 billion bond exposure.
Discussions have reportedly taken place to raise up to $20 billion at a $500 billion valuation, which would rank Tether among the most valuable private companies on the planet.
Sources: The Block, Tether.io, BDO attestations, Bloomberg, Reuters, CoinGecko, Chainalysis, S&P Global Ratings
