Tether Revenue Tops $10B In 2025 As Reserves Surpass Liabilities

February 1, 2026 Brazen Crypto Team Tether 0

Stablecoin giant Tether said on Friday that it ended 2025 with a net profit of over $10 billion, bolstered by steady growth for its flagship product – Tether USD (USDT) – and the firm’s growing exposure to U.S. Treasuries, gold, and bitcoin.

According to its fourth-quarter 2025 Financial Figures and Reserves Report, the company also recorded its second-largest annual USDT issuance on record, with more than $50 billion in tokens added to circulation over the past year.

Tether Posts $10B 2025 Revenue As USDT Supply Hits $186B High

The annual attestation signed by the independent accounting firm BDO Italy showed that Tether recorded net profits of approximately $10.1 billion during 2025. After dividend distributions, the company reported holding $6.3 billion in excess reserves. Meanwhile, its total liabilities amounted to $186.5 billion, which is tied to issued tokens.

There is now an all-time high of over 186 billion USDT in circulation, backed by $193 billion in assets. The token’s supply increased materially last year, with Tether issuing 50 billion new USDT in 2025, with roughly $30 billion worth of tokens minted during the second half of the year.

The bulk of the firm’s assets are held in U.S. Treasuries, with $122 billion in direct exposure and $141 billion including overnight reverse repurchase agreements. That positions the company among the largest holders of U.S. government debt globally.

In addition to treasury bills, Tether’s reserves also maintained significant allocations to gold and bitcoin, reporting holdings of $17.4 billion and $8.4 billion, respectively. It owns around 140 tons of gold, serving as both an inflation hedge and reserve asset for its gold-pegged XAUT token.

Speaking to Bloomberg earlier this month, Tether CEO Paulo Ardoino said the company has been buying physical gold at a rate of up to two tons a week, a pace estimated to total more than $1 billion in monthly purchases.

Meanwhile, the company’s investment portfolio, which is separated from its reserves, was valued at $20 billion. This refers to private equity aimed at expanding its financial infrastructure and diversifying beyond stablecoins. The fund supports Tether’s strategic investments in high-growth sectors, including artificial intelligence, renewable energy, Bitcoin mining, commodity trading, digital asset treasury companies, and communications & data infrastructure.

Ardoino said in a statement,

“With USDT issuance at record levels, reserves exceeding liabilities by billions of dollars, Treasury exposure at historic highs, and strong risk management, Tether enters 2026 with one of the strongest balance sheets of any global company,”

Tether Announces “Made in America” USAT Stablecoin That Operates Under GENIUS Act

The latest financial report comes amid rising demand for stablecoins, with USDT remaining the dominant player in the market. Earlier this week, Tether launched USAT – a new dollar-denominated stablecoin tailor-made for the United States – in partnership with Anchorage Digital Bank.

According to the firm, the “Made in America” USAT is built to operate within the U.S.’s “dedicated federal regime”. Though USDT is primarily backed by USD reserves and is the world’s most traded digital asset, the token is not available to U.S. customers.

USAT is the first product from the company specifically designed to operate within the GENIUS Act – the first federal framework to regulate dollar-pegged stablecoins passed by Congress last summer. Unlike USDT, it is issued directly through Anchorage, a federally chartered, crypto-native bank that is overseen by the Office of the Comptroller of the Currency (OCC).

Tether’s “Made in America” stablecoin is being led by Bo Hines, former Executive Director of the White House Crypto Council. He was named the CEO of Tether USAT last September after leaving his role as President Trump’s advisor on digital assets in August, subsequently joining the company as an advisor for U.S. strategy.

Cantor Fitzgerald serves as the stablecoin’s designated reserve custodian and primary dealer. These partnerships bolster institutional appeal for USAT as it provides bank-grade transparency and asset management from day one.

For years, Circle’s USDC has been the go-to stablecoin for U.S. institutions due to its transparency and alignment with domestic policy. However, with the debut of USAT, Tether is taking the fight to Circle’s home turf, aiming to leverage its massive financial firepower to scale the asset rapidly. The company is targeting a $1 trillion market capitalization for USAT within the next five years.

Ardoino said in the press release,

“USAT offers institutions an additional option: a dollar-backed token made in America. USDT has proven for more than a decade that digital dollars can deliver trust, transparency, and utility at a global scale. USAT extends that mission by providing a federally regulated product designed for the American market,”

At launch, USAT will be available on several major crypto trading platforms and payment gateways, including Kraken, Bybit, Crypto.com, OKX, and MoonPay.