Tether reports $10B profit in 2025 as USDT circulation surges past $186B

Tether, the leading stablecoin issuer, announced a net profit exceeding $10 billion for 2025, coinciding with USDT circulation surpassing $186 billion by year-end, according to its Q4 2025 attestation report. Total reserves grew to nearly $193 billion, resulting in $6.3 billion in excess reserves. The company issued nearly $50 billion in new USDT throughout 2025, with significant minting occurring in the second half due to high demand in payments and trading. Tether's holdings of US Treasuries reached record highs, with direct holdings over $122 billion, positioning it as a major holder of US government debt. Furthermore, Tether's gold division expanded rapidly, with Tether Gold (XAUT) market capitalization exceeding $2 billion. CEO Paolo Ardoino attributed USDT's growth to increasing global demand for dollars outside conventional banking, calling USD† the most widely adopted monetary social network ever.

(Source：Crypto Briefing)