- Tether earned over $10 billion in 2025 while keeping strong reserves and stable earnings quality across global crypto.
- Excess reserves reached $6.3 billion giving USDt stronger protection during market stress periods worldwide.
- Tether treasury exposure hit $141 billion showing a clear shift toward liquid low risk assets for reserves stability.
Tether reported net profits above $10 billion in 2025 while strengthening reserve quality. The company also disclosed excess reserves of $6.3 billion by year-end. At the same time, exposure to US Treasuries climbed to a record $141 billion. These figures place reserve strength at the center of Tether’s 2025 performance.
The update shows a clear shift toward liquidity and capital protection. Although profits declined from 2024 levels, balance sheet expansion continued. Total assets grew by more than $49 billion during the year. As a result, reserve coverage remained a key focus for the issuer.
Profits Remain Above $10 Billion in 2025
In 2025, Tether made over $10 billion in net profits. The figure was a drop of approximately 23% in comparison to the previous year. Nevertheless, it continued to generate good earnings as compared to its industry peers. Therefore, profitability continued to support reserve growth and operational stability.
The company aligned earnings with conservative asset choices. Management emphasized structure and balance sheet durability during the year. As a result, reserve coverage was not interrupted by profit volatility. The findings indicate a change of high earnings growth rates to long term stability.
Excess Reserves Expand to $6.3 Billion
Tether ended 2025 with assets exceeding liabilities by more than $6.3 billion. This surplus represents excess reserves beyond required USDt backing. The buffer adds protection during periods of market stress. As a result, reserve confidence improved among market participants.
BDO prepared the assurance report confirming the figures. The report showed full coverage for circulating USDt. In addition, excess reserves provided an added margin of safety. Therefore, reserve transparency remained central to Tether’s disclosures.
Treasury Exposure Reaches Record $141 Billion
Tether’s total exposure to US Treasuries reached $141 billion in 2025. This figure includes direct Treasury bill holdings and indirect exposure through repurchase agreements. Direct holdings alone surpassed $122 billion by year-end. Consequently, Treasuries became the largest reserve component backing USDt.
The strategy reflects a preference for liquid and low-risk assets. Over the year, Tether issued about $50 billion in new USDt. This issuance pushed circulating supply to new highs. According to CoinMarketCap, USDt ranks as the third-largest cryptocurrency by market value. In 2024, Tether co-launched USDT and XAUT with The Open Network (TON) blockchain.
Beyond government debt, Tether also maintained gold exposure. As of September 2025, gold exposure stood near $12 billion. The XAUt stablecoin had more than 520,000 troy ounces of support independently. Moreover, an expanded gold reserve of approximately 130 metric tons had a value of approximately $22 billion. Tether also recently launched USAT, a dollar-backed stablecoin built for the United States market.
