Tether, the issuer of USDT, has generated over $10 billion in profit for 2025, according to attestation documents from BDO. The company expanded USDT supply by $17 billion in Q3 2025. Tether now holds approximately $135 billion in U.S. Treasury bills, ranking among the largest private holders of government debt worldwide.

Circle's USDC has expanded its circulating supply by over 70% since January, outpacing Tether's USDT growth by more than double, according to JPMorgan Chase analysts. The divergence reflects a market shift toward regulatory compliance, driven by frameworks such as the EU's MiCA legislation. MiCA mandates strict transparency and reserve disclosure standards for stablecoin issuers operating in European markets.

Swiss digital asset bank Sygnum has unveiled a Bitcoin-backed lending solution that allows borrowers to retain custody of their private keys while accessing fiat credit. The product, developed in partnership with blockchain platform Debifi, uses a three-of-five multisignature custody model to prevent third-party collateral reuse. The platform, branded MultiSYG, is scheduled for early 2026 release and targets institutional clients seeking liquidity without surrendering asset control.