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Tether posted net profits exceeding $10 billion in 2025 and now holds over $141 billion in US Treasury exposure, positioning the stablecoin issuer among the world's largest holders of American government debt, according to the company's Q4 attestation report released Friday.
The El Salvador-based firm, which issues the USDT stablecoin, saw total reserve assets climb to nearly $193 billion by year-end, while total USDT in circulation surpassed $186 billion. The company maintains $6.3 billion in excess reserves beyond its liabilities.
Accounting firm BDO prepared the quarterly attestation confirming Tether's financial position as of December 31, 2025.
Tether issued approximately $50 billion in new USDT in 2025, with $30 billion of that volume occurring in the second half of the year. The company attributed the acceleration to increased demand for dollar liquidity in emerging markets and digital asset trading.
Direct holdings of US Treasuries reached $122 billion, while total Treasury exposure, including overnight reverse repurchase agreements, exceeded $141 billion. This marks the highest level of government debt holdings in the company's history.
The firm reported total assets of $192.9 billion against liabilities of $186.5 billion, with digital tokens accounting for $186.4 billion of those liabilities.
Separately, Tether disclosed it operates an investment portfolio exceeding $20 billion, funded through excess capital rather than USDT reserves. These investments span artificial intelligence, energy, fintech, precious metals, agriculture, and peer-to-peer communications sectors.
CEO Paolo Ardoino said USDT has become "the most widely adopted monetary social network in the history of humanity," now serving over 530 million users globally.
Last week, the company announced the official launch of USA₮, a federally regulated, dollar-backed stablecoin developed specifically to operate within the United States’ new federal stablecoin framework established under the GENIUS Act. USA₮ is issued by Anchorage Digital Bank, N.A., America’s first federally regulated stablecoin issuer.
Tether also said that Tether Gold (XAU₮), its tokenized gold product, has surpassed $4 billion in value, accounting for more than half of the entire gold-backed stablecoin market.
