Summary
- Tether said in its Q4 2025 audit report that it recorded net profit of more than $10bn and excess reserves of $6.3bn last year.
- Tether said its financial strength improved as of end-last year, with $122bn in US Treasury holdings and total direct and indirect exposure exceeding $141bn.
- Tether said USDT’s new issuance was about $50bn, total circulation $186bn, and total reserve assets $193bn, exceeding total liabilities and demonstrating the stability of its reserve ratio.
Stablecoin issuer Tether, which issues USDT, posted net profit of more than $10bn last year. Its holdings of US Treasuries also climbed to an all-time high.
On the 30th (local time), Tether made the announcement as it released its “Q4 2025 Audit Report” prepared by global accounting firm BDO. According to the report, Tether generated more than $10bn in net profit over the year, while excess reserves came to $6.3bn (about KRW 9tn).
Its US Treasury holdings—considered a key gauge of financial strength—also rose sharply. As of end-2025, Tether’s direct holdings of US Treasuries exceeded $122bn, while total direct and indirect exposure, including repurchase agreements (RPs), topped $141bn.
USDT issuance also rose significantly. Newly issued USDT last year totaled about $50bn, the second-largest annual figure in Tether’s history. Notably, $30bn was issued in the second half alone, when payment and trading demand—particularly from emerging markets—surged. As a result, total circulation surpassed $186bn, a record high, and total reserve assets backing it expanded to $193bn. The company said reserves comfortably exceeded total liabilities (about $186.5bn), underscoring the stability of its reserve ratio.
The portfolio of the “Tether Global Investment Fund,” which invests across areas including artificial intelligence (AI), energy, bitcoin mining and agriculture, has surpassed $20bn. The company emphasized that “these investments are made using excess profits and are managed completely separately from USDT reserves.”
Paolo Ardoino, Tether’s chief executive officer (CEO), said, “Last year’s performance signifies structural change rather than mere quantitative growth,” adding, “Globally, dollar demand is moving away from the slow and fragmented legacy banking system and toward Tether.” He continued, “USDT has become the most widely adopted ‘financial social network’ in human history,” and added that “through an unprecedented risk management system, we will maintain stability even amid extreme swings in demand.”
Doohyun Hwang
cow5361@bloomingbit.ioKEEP CALM AND HODL🍀
