Tether, the issuer of the USDT stablecoin, reported profits exceeding $10 billion in 2025, alongside $6.3 billion in excess reserves and record exposure of $141 billion to U.S. Treasury holdings, according to the company’s latest attestation update.
Attestation prepared by BDO confirms reserve snapshot
The figures were included in Tether’s latest attestation report, prepared by independent accounting firm BDO, which provides a snapshot of the assets backing USDT as of Dec. 31, 2025, the company said.
Stablecoin supply climbs after $50 billion in new issuance
Tether reported issuing nearly $50 billion in new USDT during 2025, pushing circulating supply above $186 billion. Total reserve assets rose to roughly $193 billion, exceeding liabilities, according to the report.
Treasury holdings increase as reserve ssset
The report shows Tether’s direct holdings of U.S. Treasury securities exceeded $122 billion, while combined direct and indirect exposure — including reverse repurchase agreements — topped $141 billion, marking a record level of Treasury investment for the company.
Company cites liquidity and reserve management focus
Tether said disciplined reserve management and strategic allocations across liquid assets supported profitability and continued growth of its stablecoin ecosystem.
