Tether Reports 2025 Net Profit Exceeding $10 Billion, Treasury Holdings at $141 Billion

Tether said on Jan. 31 that its 2025 full-year net profit exceeded $10 billion, driven by growth in its flagship token and continued additions to U.S. Treasuries and gold. A fourth-quarter attestation signed by BDO Italy showed excess reserves of $6.3 billion against $186.5 billion of liabilities tied to issued tokens, while USDT's circulating supply increased by $50 billion over the past year to more than $186 billion. The report said U.S. Treasury holdings totaled $141 billion including overnight reverse repos, with $122 billion in direct exposure, and listed $17.4 billion of gold and $8.4 billion of Bitcoin. Earlier this month, Bloomberg reported that Paolo Ardoino said Tether has been buying physical gold at up to two tonnes per week, a pace that could exceed $1 billion monthly, and the company's investment portfolio managed separately from reserves was valued at $20 billion.