Tether has minted over $20 billion price of USDT for the reason that begin of 2025, pushing the stablecoin’s complete circulation past $157 billion, in keeping with its quarterly attestation report launched on July 31.
The corporate famous that over $13.4 billion in USDT was issued throughout the second quarter alone, reflecting sturdy demand for the dollar-pegged token throughout international markets.
Tether emphasised that its reserve belongings totally again all tokens in circulation.
As of the tip of Q2 2025, the corporate’s publicity to US Treasuries stood at greater than $127 billion. This contains $105.5 billion in direct Treasury holdings and $21.3 billion held not directly, an $8 billion enhance from the earlier quarter.
With this stage of publicity, Tether stays among the many largest non-sovereign holders of US authorities debt.
Talking on these milestones, Tether CEO Paolo Ardoino stated:
“Q2 2025 affirms what markets have been telling us all 12 months: belief in Tether is accelerating. With over $127 billion in U.S. Treasury publicity, strong bitcoin and gold reserves, and over $20 billion in new USDT issued, we’re not simply retaining tempo with international demand, we’re shaping it.”
Tether’s earnings and US investments
Tether reported a web revenue of roughly $4.9 billion for Q2 2025, bringing its year-to-date complete to $5.7 billion.
Of this, $3.1 billion got here from recurring operational revenue, whereas $2.6 billion was generated from mark-to-market beneficial properties on its gold and Bitcoin holdings.
In the meantime, Tether acknowledged that its shareholder capital stays regular at $5.47 billion. This fairness cushions in opposition to sudden market shocks and highlights Tether’s dedication to monetary resilience.
Because of this, the stablecoin agency has begun directing a good portion of its earnings towards long-term initiatives.
Over the previous six months, the corporate has invested closely in infrastructure tasks, with the US rising as a key market.
In line with the agency, roughly $4 billion has already been deployed domestically into ventures like XXI Capital and Rumble, together with growing the Rumble Pockets.
Authorized troubles
Regardless of its monetary power, the corporate faces two unresolved authorized circumstances in New York.
The agency acknowledged that one of many circumstances is a class-action swimsuit associated to the 2017–2018 Bitcoin market downturn. The opposite entails proceedings tied to the chapter of crypto lender Celsius.
In each circumstances, Tether Worldwide is called as a defendant, however the agency’s administration says potential outcomes can’t but be reliably assessed.
As such, no provisions have been made in its financials for these litigations.