Tether, known for issuing USDt, the world’s largest stablecoin, has reported a substantial decrease in net profits for 2025. While their profits dipped around $3 billion, their US Treasury holdings have surged to a record high of over $122 billion.

According to a report prepared by accounting firm BDO, Tether documented net profits exceeding $10 billion in 2025, reflecting a decrease of roughly 23% compared to the $13 billion noted in 2024.

Furthermore, Tether revealed its direct US Treasury holdings now stand at their highest level ever, indicating an ongoing trend towards more liquid and low-risk assets.

Tether’s total assets increased $49.17 billion year-on-year. Source: BDO

The firm issued $50 billion in new USDt over the past year. Tether’s CEO, Paolo Ardoino, indicated that demand for the stablecoin is increasingly driven by “global demand” for US dollars that is moving away from traditional banks. He also stated:

“Particularly in regions where financial systems are slow, fragmented, or inaccessible,” he mentioned, “the stablecoin has become the most widely adopted monetary social network in the history of humanity.”

Market observers closely monitor Tether’s figures, as its stablecoin constitutes a significant portion of the cryptocurrency ecosystem. USDt is ranked the third-largest cryptocurrency after Bitcoin (BTC) and Ether (ETH), with its market capitalization reaching $185.51 billion.

Tether’s financial health offers insight into the market confidence surrounding stablecoins, crucial for traders and exchanges that utilize USDt as a dollar substitute. Additionally, Tether has been accumulating gold for its reserves, issuing the gold-backed stablecoin XAUt, with reports stating their gold exposure is approximately $12 billion as of September 2025.

In summary, while Tether’s profits might be down, their growth in US Treasury holdings suggests a strategic pivot towards securing more stable and reliable assets in a volatile market.