Tether, the issuer of USDt, the world’s largest stablecoin, reported round $3 billion much less in web earnings in 2025, whereas its US Treasury holdings reached new all-time highs.
In a report printed on Friday and ready by accounting agency BDO, Tether stated it posted web earnings of greater than $10 billion in 2025, which is down round 23% from the $13 billion it reported in 2024.
In the meantime, Tether stated its direct US Treasury holdings climbed above $122 billion in 2025, marking “the best stage ever.” The corporate stated this exhibits the “ongoing shift towards extremely liquid, low-risk belongings.”
The corporate issued $50 billion in new USDt (USDT) over the 12-month interval, with Tether CEO Paolo Ardoino saying demand for the stablecoin grew as “international demand” for US {dollars} moved exterior conventional banking rails.
USDt has soared in sluggish and fragmented monetary programs
“Significantly in areas the place monetary programs are sluggish, fragmented, or inaccessible,” he stated, claiming that the stablecoin has “develop into probably the most extensively adopted financial social community within the historical past of humanity.”
Crypto market individuals intently watch Tether’s financials as a result of its stablecoin makes up a serious a part of the ecosystem. USDt ranks because the third-largest cryptocurrency after Bitcoin (BTC) and Ether (ETH), with a market capitalization of $185.51 billion, in keeping with CoinMarketCap.
Tether’s earnings and reserves present some perception into stablecoin market confidence, which is related for merchants and exchanges that use USDt as a greenback substitute for liquidity and collateral.
Tether, which additionally points the gold-backed stablecoin XAUt (XAUT), has been accumulating gold as a part of its reserves for a while, reporting $12 billion in publicity as of September 2025.
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The corporate holds 520,089 troy ounces of gold for XAUT — roughly 16.2 metric tons — individually from a broader reserve of 130 metric tons, value round $22 billion at present costs.
“Tether maintains roughly 130 metric tons of bodily gold, and the gold backing each XAUT token is held individually, making it eligible for bodily supply redemption,” a spokesperson for Tether lately informed Cointelegraph.
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