Tether’s Record Year
Tether just posted some staggering numbers for 2025. The stablecoin issuer reported over $10 billion in net profit, which is… well, that’s a lot of money by any measure. Their USDT circulation climbed above $186 billion by the end of the year, according to their Q4 attestation report.
I think what’s interesting here is the sheer scale of growth. They issued nearly $50 billion in new USDT during 2025 alone. And the second half of the year was particularly busy—about $30 billion minted in just those six months. That suggests demand really picked up as the year went on.
Reserves and Treasury Holdings
Total reserves rose to almost $193 billion, continuing to exceed liabilities. They’ve got $6.3 billion in excess reserves, which provides some cushion. But perhaps the more striking figure is their US Treasury exposure.
Direct holdings exceeded $122 billion, with total Treasury exposure topping $141 billion. That makes Tether one of the world’s largest holders of US government debt. It’s a position that gives them significant influence in traditional financial markets, which is somewhat ironic for a crypto company.
Gold Division Expansion
Their gold division has been growing quickly too. With bullion prices hitting all-time highs, Tether Gold (XAUT) surpassed $2 billion in market capitalization. That accounts for more than half of all gold-backed tokens in circulation right now.
It’s not just about diversification, I suppose. Gold has that traditional safe-haven appeal, and combining it with blockchain accessibility seems to be working for them.
CEO’s Perspective
CEO Paolo Ardoino framed this growth as reflecting rising global demand for dollars outside traditional banking systems. He called USDT “the most widely adopted monetary social network in history” with its network effect and what he described as parabolic growth.
That’s an interesting way to think about it—a monetary social network. It captures how these stablecoins function as both financial instruments and network utilities.
Looking at these numbers, Tether’s dominance in the stablecoin space appears pretty solid. The profit figure alone—$10 billion—is remarkable for any company, let alone one operating in the crypto space. But I wonder about the sustainability of this growth rate. Can they keep minting $30 billion in new tokens every six months?
The Treasury holdings also raise questions about their relationship with traditional finance. Being such a large holder of US debt creates interesting dependencies and potential vulnerabilities. Still, for now, the numbers speak for themselves. Tether had a very good year.
