Tether's US Treasury assets hit unprecedented levels while annual earnings decline 23%
Paolo Ardoino, CEO of Tether, emphasized that the company's growth "structure" holds greater significance than its "scale" as 2025 progresses, with holdings in US Treasuries exceeding $122 billion.
The company behind USDt, the globe's most prominent stablecoin, has disclosed net earnings approximately $3 billion lower in 2025, even as its portfolio of US Treasury securities achieved unprecedented heights.
According to a Friday release prepared by BDO, an accounting firm, Tether disclosed net earnings exceeding $10 billion throughout 2025, representing a decline of approximately 23% compared to the $13 billion figure reported during 2024.
At the same time, the firm announced that its holdings in US Treasuries directly climbed beyond $122 billion during 2025, representing "the highest level ever" achieved. According to the company, this demonstrates an "ongoing shift toward highly liquid, low-risk assets."
Throughout the 12-month timeframe, the firm minted $50 billion worth of fresh USDt (USDT), with CEO Paolo Ardoino noting that stablecoin demand expanded as "global demand" for United States dollars shifted beyond conventional banking infrastructure.
USDt has soared in slow and fragmented financial systems
"Particularly in regions where financial systems are slow, fragmented, or inaccessible," Ardoino stated, asserting that the stablecoin has "become the most widely adopted monetary social network in the history of humanity."
Market participants in the cryptocurrency space monitor Tether's financial reports closely given that its stablecoin represents a substantial portion of the broader ecosystem. According to CoinMarketCap, USDt holds the position of third-largest cryptocurrency following Bitcoin (BTC) and Ether (ETH), boasting a market capitalization standing at $185.51 billion.
The reserves and profitability of Tether offer valuable perspective regarding market confidence in stablecoins, which holds importance for trading platforms and traders who utilize USDt as a dollar equivalent for purposes of liquidity and collateral.
The company, which additionally issues XAUt (XAUT), a gold-backed stablecoin, has been building up gold within its reserves over an extended period, disclosing $12 billion in gold exposure as of September 2025.
Tether possesses 520,089 troy ounces of gold allocated for XAUT — approximately 16.2 metric tons — held distinctly from a larger reserve totaling 130 metric tons, valued at roughly $22 billion based on present market prices.
"Tether maintains approximately 130 metric tons of physical gold, and the gold backing every XAUT token is held separately, making it eligible for physical delivery redemption,"
a spokesperson for Tether recently told Cointelegraph.