Tether, the issuer of USDt, reported net profits of more than $10 billion in 2025, down about 23% from $13 billion in 2024. The company’s direct US Treasury holdings rose above $122 billion in 2025, a record high, illustrating a shift toward highly liquid, low-risk assets. Tether issued $50 billion in new USDt over the year, with CEO Paolo Ardoino saying demand for the stablecoin grew as global demand for US dollars moved outside traditional banking rails.
USDt has increasingly become a tool in slow, fragmented financial systems. Ardoino described the stablecoin as the most widely adopted monetary social network in the history of humanity.
The profits and reserves provide insight into stablecoin market confidence, which matters for traders and exchanges that use USDt as a dollar substitute for liquidity and collateral. In addition to USDt, Tether issues the gold-backed stablecoin XAUt (XAUT) and has been accumulating gold as part of its reserves, reporting $12 billion in exposure as of September 2025. The company holds 520,089 troy ounces of gold for XAUT—roughly 16.2 metric tons—separately from a broader reserve of 130 metric tons, worth around $22 billion at current prices. Tether maintains approximately 130 metric tons of physical gold, and the gold backing every XAUT token is held separately, making it eligible for physical delivery redemption.
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