Tether revealed that its net profit for 2025 declined by roughly $3 billion compared to the previous year, even as the company’s holdings of United States Treasury bills climbed to the highest level in its history.
Figures verified in a report prepared by accounting firm BDO showed the stablecoin issuer generated more than $10 billion in net profit during the year, down from the $13 billion it recorded in 2024.
Treasury allocation reflects focus on safety and liquidity
Direct exposure to U.S. Treasuries surpassed $122 billion, a level the company described as evidence of an ongoing shift toward highly liquid, low-risk assets within its reserve management strategy.
Total assets on the balance sheet increased by $49.17 billion year on year, reflecting expanding issuance and continued accumulation of reserves as the stablecoin ecosystem grew across international markets.
USDt issuance rises as demand for digital dollars accelerates
Over the past twelve months, the company issued approximately $50 billion worth of new USDt tokens as demand for digital dollars increased in regions where traditional banking systems remain slow or fragmented.
Tether chief executive Paolo Ardoino said the stablecoin’s adoption has expanded because of “global demand” for U.S. dollars increasingly moving outside conventional financial infrastructure.
“Particularly in regions where financial systems are slow, fragmented, or inaccessible,” he said, claiming that the stablecoin has “become the most widely adopted monetary social network in the history of humanity.”
Market attention remains fixed on Tether’s reserves
Market participants continue to monitor Tether’s disclosures closely because USDt represents a substantial share of liquidity used across exchanges, trading desks, and decentralised finance platforms worldwide.
USDt ranks as the third-largest cryptocurrency by market capitalisation behind Bitcoin and Ether, making its reported reserves an important indicator of confidence across the broader stablecoin market.
Traders frequently rely on USDt as a digital dollar substitute for collateral, settlement, and margin purposes, increasing the importance of reserve composition and overall profitability figures.
Gold exposure strengthens alongside dollar-backed reserves
Alongside Treasuries, Tether has steadily increased its exposure to gold, reporting approximately $12 billion in gold-related reserves as of September 2025.
The company holds 520,089 troy ounces of gold specifically backing its XAUt tokens, equivalent to roughly 16.2 metric tons, which are kept separate from its broader bullion holdings.
“Tether maintains approximately 130 metric tons of physical gold, and the gold backing every XAUT token is held separately, making it eligible for physical delivery redemption,” a spokesperson for Tether recently told Cointelegraph.
Broader physical gold reserves amount to about 130 metric tons, valued at nearly $22 billion at current market prices, adding another layer of perceived stability to its overall reserve structure.
