TechFlow reports that, according to a CoinDesk report on January 31, stablecoin issuer Tether announced net profits exceeding $10 billion in 2025, primarily driven by growth in its USDT stablecoin supply and expanded exposure to U.S. Treasury securities.
Per the Q4 attestation report signed by accounting firm BDO Italy, Tether holds $6.3 billion in excess reserves, covering its $186.5 billion liability in issued tokens. Throughout 2025, the circulating supply of USDT increased by $50 billion, reaching over $186 billion.
Tether continues to increase its holdings of U.S. Treasuries, with direct exposure totaling $122 billion and $141 billion including overnight reverse repurchase agreements—making it one of the world’s largest holders of U.S. government debt. Additionally, the company holds $17.4 billion worth of gold and $8.4 billion worth of Bitcoin.
