- Tether ended 2025 with 186.5B USDT issued, $192.8B in assets and over $6.3B in excess reserves.
- More than $141B of reserves are in the U.S. Treasuries, alongside $17.4B in gold and $8.4B in Bitcoin.
- Tether earned over $10B in 2025 as USDT demand surged in regions lacking efficient banking systems.
Tether released its Q4 2025 quarterly attestation on December 31, 2025, detailing a year of fast growth and profitability. The report, prepared by BDO Italy, covers Tether’s reserves, liabilities, and issuance activity. CEO Paolo Ardoino disclosed the figures publicly, explaining how global demand for dollars drove USDT expansion outside traditional banking systems.
Record Issuance and Reserve Position
Notably, Tether ended Q4 2025 with 186.5 billion USDT issued, following a 50 billion increase during the year. According to the attestation, total assets reached $192.8 billion, while liabilities stood at $186.5 billion.
As a result, excess reserves exceeded $6.3 billion, fully separate from the liquid assets backing issued tokens. Throughout 2025, issuance accelerated, particularly in the second half of the year.
During that period, Tether issued roughly $30 billion in new USDT. Ardoino stated that demand grew in regions with slow or fragmented financial infrastructure. As a result, USDT circulation reached an all-time high.
Treasury Exposure and Asset Composition
However, issuance growth coincided with a shift toward conservative reserve assets. By year-end, Tether held more than $122 billion in direct U.S. Treasury bills. Additionally, total direct and indirect Treasury exposure surpassed $141 billion, including overnight reverse repurchase agreements.
These holdings place Tether among the largest global holders of U.S. government debt. Besides Treasuries, the report confirmed allocations to gold and bitcoin. Tether reported $17.4 billion in gold holdings and $8.4 billion in bitcoin. In a Bloomberg interview, Ardoino said the company buys up to two tons of physical gold weekly.
Profitability and Separate Investments
Meanwhile, Tether reported net profits exceeding $10 billion for 2025. Ardoino attributed the results to disciplined reserve management and liquidity planning. Importantly, the attestation clarified that proprietary investments remain excluded from USD₮ reserves.
As of Q4 2025, Tether’s separate investment portfolio exceeded $20 billion. These investments span sectors including artificial intelligence, energy, fintech, agriculture, media, and precious metals.
Ardoino said these activities use excess capital only. Tether also confirmed more than 530 million users globally and announced the U.S.-focused USAT stablecoin launch with Anchorage Digital.