Tether, the issuer of the world's largest stablecoin USDT, has released its Q4 2025 attestation report, revealing staggering financial results. The company reported a record-breaking net profit exceeding $10 billion for the quarter, underscoring its immense profitability driven largely by interest income from its substantial U.S. Treasury holdings.
A key pillar of the report is the disclosure of $6.3 billion in excess reserves. These funds are held above and beyond the value of USDT tokens in circulation, providing a critical buffer to ensure stability and user confidence, especially during periods of market stress or high-volume redemptions.
Perhaps the most significant figure is Tether's massive exposure to U.S. government debt. The company's holdings of U.S. Treasuries now surpass $141 billion, positioning it as one of the largest private holders of such debt globally. This reinforces Tether's strategy of backing its stablecoin with low-risk, liquid assets.
Looking at the full year 2025, Tether generated over $10 billion in net profit, following a $13 billion profit in 2024. The firm also experienced its second-largest annual issuance on record, adding more than $50 billion worth of USDT to circulation. As of the report, there is an all-time high of over $186 billion USDT in circulation, backed by $193 billion in total assets.
Beyond traditional finance, Tether's reserves include approximately 140 tons of gold, which acts as both an inflation hedge and backing for its gold-pegged XAUT token. Under CEO Paolo Ardoino, the company has diversified its investments into sectors like Bitcoin mining, peer-to-peer messaging, and decentralized AI. In 2025, Tether also established a U.S. subsidiary, which recently launched the "Made in America" USAT stablecoin.
