Tether posts $10B profit; amasses $141B in US Treasuries

Tether posted a record $10 billion net profit for 2025, driven by aggressive issuance that pushed total USDT in circulation above $186 billion. The company said the year included a $50 billion expansion of USDT — its second-largest annual increase — which it attributes to global demand for dollar liquidity outside traditional banking rails.

CEO Paolo Ardoino said USDT’s growth reflected increasing use where financial systems are slow or inaccessible. Tether reported total reserve assets of $193 billion, including about $141 billion of direct and indirect exposure to US Treasuries. The firm also lists $17.4 billion in gold, $8.4 billion in Bitcoin and says it holds over $6.3 billion in excess reserves; the 2025 profit was credited to a “higher-for-longer” interest rate environment rather than its $20 billion venture portfolio.

Regulatory pressure is mounting: the US GENIUS Act has rendered USDT “unqualified” for domestic use and Tether operates in Europe without a MiCA license. In response, the company launched an onshore asset called USAT to comply with US federal mandates, a strategy the outlet described as bifurcating US and global operations.

Critics also note Tether still lacks a Big Four audit and question liquidity in stressed markets.

tether, usdt, usat, paolo ardoino, us treasuries, us genius act, mica framework, record $10b profit, 50b usdt expansion, total reserves $193b, excess reserves $6.3b, big four audit, liquidity concerns, higher-for-longer rates