Tether Revenue Falls 23% in 2025, however Treasury Holdings Hit Report $122B

Tether, the corporate behind the world’s largest stablecoin USDt, reported a pointy drop in annual revenue in 2025 even because it continued to pile into US authorities debt, underscoring its shift towards extra conservative reserve administration.

Key Takeaways:

• Tether’s 2025 revenue fell about 23% to simply over $10 billion, whilst whole belongings rose by greater than $49 billion.
• The stablecoin issuer’s US Treasury holdings hit a file $122 billion, making Treasuries the most important backing for USDt.
• Sturdy demand pushed about $50 billion in new USDt issuance, reinforcing its position as a core liquidity asset in crypto markets.

In accordance with its newest Monetary Figures and Reserves Report, ready by accounting agency BDO, Tether posted internet earnings of simply over $10 billion in 2025, down round 23% from the roughly $13 billion it reported a yr earlier.

Regardless of the decline, the corporate mentioned its stability sheet expanded considerably, with whole belongings rising by greater than $49 billion year-on-year.

Tether’s US Treasury Holdings Hit Report $122B in 2025

The standout determine within the report was Tether’s publicity to US Treasuries. Direct holdings of Treasury payments climbed above $122 billion by the tip of 2025, the best stage the corporate has ever disclosed.

Quick-dated US authorities debt now makes up the most important single element of the reserves backing USDt, alongside reverse repurchase agreements and smaller allocations to company bonds and different investments.

Tether mentioned the rising Treasury place displays a deliberate transfer towards extremely liquid, low-risk belongings as demand for its dollar-pegged token continues to develop.

Over the previous 12 months, the corporate issued about $50 billion in new USDt, pushing the stablecoin’s circulating provide to new highs.

Chief government Paolo Ardoino mentioned demand for USDt has been fueled by customers in search of entry to US {dollars} outdoors conventional banking channels, significantly in areas the place monetary techniques are gradual or troublesome to entry.

He described the stablecoin as more and more embedded in international funds, buying and selling, and financial savings exercise.

USDt stays a cornerstone of the crypto market. With a market capitalization of roughly $185.5 billion, it ranks because the third-largest cryptocurrency, behind Bitcoin and Ether, in response to CoinMarketCap knowledge.

Merchants and exchanges intently monitor Tether’s earnings and reserves as a result of USDt is broadly used as a greenback substitute for liquidity, collateral, and settlement.

Tether’s Gold Reserves Develop to $12B as XAUt Backing Expands

Past Treasuries, the report reveals Tether continues to diversify its reserves. The corporate holds publicity to valuable metals, together with gold backing its XAUt stablecoin.

As of September 2025, Tether reported round $12 billion in gold publicity, with greater than 520,000 troy ounces held particularly for XAUt.

Individually, it maintains a broader gold reserve estimated at about 130 metric tons, valued at roughly $22 billion at present costs.

Whereas earnings fell from final yr’s peak, Tether ended 2025 with belongings exceeding liabilities by greater than $6.3 billion, in response to the BDO assurance report.

As reported, Tether has formally launched USAT, a federally regulated, dollar-backed stablecoin constructed particularly for the US market beneath the brand new GENIUS Act framework.

The token, issued by Anchorage Digital Financial institution, marks Tether’s formal entry into America’s rising federal stablecoin regime and reveals a serious shift in how digital {dollars} might function inside the US’ regulated monetary system.

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