Tether, the issuer of the world’s largest stablecoin, reported $1.5 billion in operating profit for the second quarter of 2025, primarily driven by interest income from U.S. Treasuries and repurchase agreements. The financial disclosure, released on July 31, also highlighted a stronger reserve buffer and a substantial increase in physical gold holdings.
As of June 30, Tether’s consolidated assets stood at $187.75 billion, against liabilities of $183.64 billion, resulting in a reserve surplus of approximately $4.11 billion. This excess provides additional security for USDT holders. The company reduced its secured loans by $2.38 billion during the quarter, continuing a deliberate shift toward more liquid and stable assets like U.S. Treasuries and gold.
In a notable diversification move, Tether purchased an additional 14 tons of physical gold, bringing its total to more than 146 tons—valued at over $8 billion. The allocation to gold is part of a strategy to hedge against market volatility and enhance the stability of USDT.
USDT’s outstanding supply reached approximately $184.6 billion, representing roughly 60% of the entire stablecoin market. The strong financials and conservative reserve management are expected to reassure investors and regulators, potentially setting a new standard for transparency in the stablecoin industry.
