Tether Profit Falls 23% in 2025, but Treasury Holdings Hit Record $122B
Tether, the corporate behind the world’s largest stablecoin USDt, reported a pointy drop in annual revenue in 2025 even because it continued to pile into US authorities debt, underscoring its shift towards extra conservative reserve administration.
Key Takeaways:
- Tether’s 2025 revenue fell about 23% to simply over $10 billion, at the same time as whole belongings rose by greater than $49 billion.
- The stablecoin issuer’s US Treasury holdings hit a file $122 billion, making Treasuries the most important backing for USDt.
- Strong demand pushed about $50 billion in new USDt issuance, reinforcing its function as a core liquidity asset in crypto markets.
According to its latest Financial Figures and Reserves Report, ready by accounting agency BDO, Tether posted internet income of simply over $10 billion in 2025, down round 23% from the roughly $13 billion it reported a yr earlier.
Despite the decline, the corporate stated its stability sheet expanded considerably, with whole belongings rising by greater than $49 billion year-on-year.
Tether’s US Treasury Holdings Hit Record $122B in 2025
The standout determine in the report was Tether’s publicity to US Treasuries. Direct holdings of Treasury payments climbed above $122 billion by the top of 2025, the best degree the corporate has ever disclosed.
Short-dated US authorities debt now makes up the most important single element of the reserves backing USDt, alongside reverse repurchase agreements and smaller allocations to company bonds and different investments.
Tether stated the rising Treasury place displays a deliberate transfer towards extremely liquid, low-risk belongings as demand for its dollar-pegged token continues to develop.
Over the previous 12 months, the corporate issued about $50 billion in new USDt, pushing the stablecoin’s circulating provide to new highs.
Chief government Paolo Ardoino stated demand for USDt has been fueled by customers in search of entry to US {dollars} outdoors conventional banking channels, significantly in areas the place monetary programs are sluggish or troublesome to entry.
He described the stablecoin as more and more embedded in international funds, buying and selling, and financial savings exercise.
USDt stays a cornerstone of the crypto market. With a market capitalization of roughly $185.5 billion, it ranks because the third-largest cryptocurrency, behind Bitcoin and Ether, in accordance with CoinMarketCap knowledge.
Traders and exchanges intently monitor Tether’s income and reserves as a result of USDt is extensively used as a greenback substitute for liquidity, collateral, and settlement.
Tether’s Gold Reserves Grow to $12B as XAUt Backing Expands
Beyond Treasuries, the report exhibits Tether continues to diversify its reserves. The firm holds publicity to valuable metals, together with gold backing its XAUt stablecoin.
As of September 2025, Tether reported round $12 billion in gold publicity, with greater than 520,000 troy ounces held particularly for XAUt.
Separately, it maintains a broader gold reserve estimated at about 130 metric tons, valued at roughly $22 billion at present costs.
While income fell from final yr’s peak, Tether ended 2025 with belongings exceeding liabilities by greater than $6.3 billion, in accordance with the BDO assurance report.
As reported, Tether has officially launched USAT, a federally regulated, dollar-backed stablecoin constructed particularly for the US market underneath the brand new GENIUS Act framework.
The token, issued by Anchorage Digital Bank, marks Tether’s formal entry into America’s rising federal stablecoin regime and exhibits a serious shift in how digital {dollars} might function contained in the United States’ regulated monetary system.
The put up Tether Profit Falls 23% in 2025, but Treasury Holdings Hit Record $122B appeared first on Cryptonews.
