Tether International announced a $4.9 billion net profit for Q2 2025, bringing its year-to-date earnings to $5.7 billion. The profit stems from $3.1 billion in recurring operational revenue and $2.6 billion in mark-to-market gains from Bitcoin and gold reserves. USDT circulation surged to over $157 billion, with $13.4 billion issued in Q2 alone - representing a $20 billion year-to-date increase.
Reserve assets now total $162.57 billion against liabilities of $157.1 billion, anchored by $127 billion in U.S. Treasury exposure ($105.5B direct, $21.3B indirect). This positions Tether among the world's largest non-sovereign holders of U.S. debt. Shareholder capital remains stable at $5.47 billion as an operational buffer.
CEO Paolo Ardoino stated: "Q2 affirms trust in Tether is accelerating. With $127B in Treasuries, robust BTC/gold reserves, and $20B in new USDT issued, we're shaping global demand." The company has deployed $4 billion into U.S. infrastructure projects including XXI Capital and Rumble Wallet development.
While facing two unresolved New York lawsuits (Bitcoin class action and Celsius bankruptcy proceedings), Tether hasn't provisioned for potential liabilities. Independent auditor BDO confirmed reserve accuracy in its attestation report.