Tether reported more than $10 billion in net profits for the fourth quarter of 2025, with reserves rising to $6.3 billion. Total assets approached $193 billion, and USDT circulation hit a record $186 billion.
Investor doubts about USDT stem from market conditions and regulatory issues, raising questions about its valuation relative to top tech firms despite the earnings. The results reflect the tension between strong profitability and ongoing questions surrounding the stablecoin’s market dynamics and oversight.
Tether reported more than $10 billion in net profits for the fourth quarter of 2025, with reserves rising to $6.3 billion. Total assets neared $193 billion, and USDT circulation hit a record $186 billion, underscoring the scale of the issuer despite ongoing scrutiny. The results reflect a strong earnings trajectory against a backdrop of market and regulatory dynamics that continue to shape stablecoin oversight.
Investor doubts about USDT stem from market conditions and regulatory issues, raising questions about its valuation relative to major tech firms despite the earnings. The figures illustrate the tension between profitability and concerns over how the stablecoin operates within evolving oversight and market structures. The quarterly data highlight the broader paradox facing stablecoins: solid earnings and growing reserves alongside ongoing questions about transparency, reserve quality, and regulatory frameworks that could influence future adoption and stability.
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