Tether US treasury holdings reach record highs, profits fall 23% year-on-year

Tether CEO Paolo Ardoino said the “structure behind” the company’s growth mattered more than its “scale” in 2025, as US Treasury holdings surpassed $122 billion.

Tether, the issuer of USDt, the world’s largest stablecoin, reported around $3 billion less in net profits in 2025, while its US Treasury holdings reached new all-time highs.

In a report published on Friday and prepared by accounting firm BDO, Tether said it posted net profits of more than $10 billion in 2025, which is down around 23% from the $13 billion it reported in 2024.

Meanwhile, Tether said its direct US Treasury holdings climbed above $122 billion in 2025, marking “the highest level ever.” The company said this shows the “ongoing shift toward highly liquid, low-risk assets.”

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