Tether posts $10B+ net profit in 2025 as USDT supply hits $186.5B; Treasuries $122B, gold $17.4B
Tether reported a net profit exceeding $10 billion for 2025, driven by record USDT issuance and expanded allocations into U.S. Treasury securities and gold. An attestation by BDO Italy covering Q4 shows Tether holds $6.3 billion in excess reserves against $186.5 billion of liabilities tied to issued tokens. USDT circulating supply rose by roughly $50 billion over the year to about $186.5 billion. Direct holdings of U.S. Treasuries reached $122 billion, and including overnight reverse repos total Treasury exposure is $141 billion, placing Tether among the world’s largest holders of U.S. government debt. The company also disclosed $17.4 billion in gold and $8.4 billion in bitcoin within reserves, plus a separate $20 billion investment portfolio. CEO Paolo Ardoino highlighted record issuance, strong reserves and higher allocations to Treasuries and gold. Tether has also launched USAT, a U.S.-focused stablecoin in partnership with Anchorage Digital, signaling a push toward more U.S.-compliant products. For traders: the report underscores continued growth in USDT supply and significant allocations to high-grade liquidity (U.S. Treasuries) and gold, while maintaining notable BTC exposure — factors that may affect stablecoin liquidity dynamics, short-term USDT peg confidence, and flows into BTC and U.S. Treasury-sensitive markets.
Neutral
The news is neutral for the price of the mentioned cryptocurrency (USDT/BTC) when considered strictly on trading impact. Positive elements: a $10B+ profit, $6.3B excess reserves, and stronger allocations to U.S. Treasuries and gold can increase market confidence in USDT’s backing and liquidity, supporting peg stability and reducing systemic risk. The launch of USAT and emphasis on regulatory-compliant products may also improve institutional acceptance in the U.S., a constructive development. Offsetting factors: rapid USDT supply growth (≈$50B) increases systemic exposure should redemptions spike, and large Treasury positioning ties Tether to interest-rate and liquidity risks outside crypto. BTC exposure ($8.4B) is material but small relative to BTC market cap; it can contribute to modest correlation between Tether actions and BTC flows, but is unlikely to drive large BTC price moves by itself. Overall, the report reduces short-term counterparty fears around USDT but introduces macro sensitivity (Treasury and repo risks). Traders can view this as supportive for USDT peg stability (neutral-to-slightly-bullish for stablecoin confidence) while treating BTC exposure as a secondary, limited influence on BTC price.