Tether, the world’s largest stablecoin issuer, has released its Q2 2025 attestation, revealing a massive $127 billion in U.S. Treasury holdings and a net profit of $4.9 billion for the quarter. According to the independent audit by BDO, Tether’s total assets of over $162 billion comfortably exceed its liabilities of $157 billion. The company’s U.S. Treasury holdings have increased by $8 billion since Q1, surpassing the holdings of several countries in U.S. debt ownership and placing Tether among the top 20 holders globally.
CEO Paolo Ardoino stated that the report affirms growing market trust, citing the robust U.S. Treasury and gold reserves, as well as a $20 billion increase in USDT’s circulating supply since January. This growth, driven by strong demand from emerging markets, underscores Tether’s expanding influence in the global stablecoin market. Of the $4.9 billion profit, $3.1 billion came from recurring operations, with the remainder from gains in Bitcoin and gold, an asset Ardoino sees as a hedge against fiat risks.
Industry experts are noting this monumental growth, with one strategist stating that when a stablecoin issuer rivals sovereign debt holders, it “shifts the conversation entirely.” Tether has been reinvesting a significant portion of its profits into infrastructure and innovation, including $4 billion allocated to U.S.-based projects. With the passage of the GENIUS Act, the company is now preparing a return to the U.S. market, focusing on institutional payments and interbank settlements.
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