Tether has unveiled its financial results for 2025, showcasing profitability and effective asset management. The company’s latest quarterly attestation, independently verified by BDO—a leading global accounting firm—paints a picture of sustained growth and financial strength. This report, covering the period ending December 31, 2025, underscores Tether’s role in the digital asset ecosystem, where its USD₮ token has become a key part of global dollar liquidity.
Stablecoin issuer Tether reported net profits surpassing $10 billion for the year, a testament to its efficient operations and strategic investments.
This figure was bolstered by excess reserves climbing to $6.3 billion, ensuring the company maintains a buffer well beyond its obligations.
Such reserves highlight Tether’s commitment to stability, allowing it to weather market fluctuations while supporting its expansive user base, which now exceeds 530 million individuals worldwide.
The year saw Tether issue close to $50 billion in new USD₮ tokens, marking the second-highest annual issuance in its history.
Demand surged particularly in the latter half of 2025, with around $30 billion added amid rising needs for dollar access in emerging markets, cross-border payments, and cryptocurrency trading.
Consequently, the total supply of USD₮ surged past $186 billion, achieving an all-time high and representing one of the most rapid expansions of any dollar-based financial product on record.
Reserve assets also hit a peak of nearly $193 billion, consistently outpacing liabilities to maintain full backing.
A key highlight was Tether’s deepening involvement in U.S. government securities. Direct holdings in U.S. Treasuries exceeded $122 billion by year-end, the highest ever for the firm.
When including indirect exposures like overnight reverse repurchase agreements, the total reached a staggering $141 billion.
This positions Tether as one of the world’s largest holders of US debt, channeling global demand for dollars through secure, low-risk instruments.
Beyond its core reserves, Tether has diversified into proprietary ventures valued at over $20 billion.
These include investments in areas such as artificial intelligence, energy, media, fintech, precious metals, agriculture, digital assets, land, and peer-to-peer communications via the Tether Global Investment Fund SICAF S.A.
Importantly, these assets are kept separate from USD₮ reserves, funded solely from profits and excess capital to avoid any risk to token holders.
As of December 31, 2025, Tether‘s total assets stood at more than $192.8 billion, while liabilities totaled approximately $186.5 billion, with the bulk tied to issued digital tokens.
This healthy surplus reinforces the company’s financial integrity.
Paolo Ardoino, Tether’s CEO, emphasized the broader implications:
“The real story of 2025 isn’t just the numbers—it’s the underlying framework. USD₮ grew because people worldwide are shifting away from outdated banking systems, especially in underserved regions. With its massive network and trust built on top-tier risk management, USD₮ has evolved into the ultimate monetary social network. Our focus on high-quality assets and liquidity ensures it stays dependable amid soaring demand.”
Tether steps into 2026 with a relatively strong balance sheet, poised to capitalize on transformative trends in stablecoins / digital dollars, inflation protection measures, and a greater role programmable finance.
