Tether, the issuer of USDt, the world’s largest stablecoin, announced its financial results for 2025. Although the company’s net profit decreased compared to the previous year, its US Treasury bond holdings reached a historical peak. While this table causes trust, liquidity and reserve strategies to be re-discussed in crypto markets, it offers important clues about the direction in which the stablecoin ecosystem is evolving.
Decline in Profit, Strengthening in Reserves
According to the report prepared by accounting firm BDO and published on Friday, Tether made a net profit of over 10 billion dollars in 2025. This figure represents a 23 percent decrease compared to the approximately $13 billion in profits reported in 2024. The company side associates this decline with more conservative investment choices and increasing operational costs.
In contrast, Tether’s direct US Treasury bond holdings reached an all-time high, reaching over $122 billion in 2025. The company describes this increase as a “continued shift towards high-liquidity, low-risk assets.” Considering the fluctuations in the crypto market, this strategy aims to make Tether’s reserve structure appear more transparent and durable.
CEO Paolo Ardoino stated that approximately 50 billion dollars of new USDt has been issued in the last 12 months and emphasized that the demand for stablecoins is increasing rapidly, especially in regions where traditional banking systems are slow or have limited access. According to Ardoino, USDt has become one of the most concrete examples of the shift of global dollar demand to non-bank channels.
USDt Demand and Gold Reserves are on the Agenda
Tether’s financials are closely monitored due to USDt’s central role in the crypto ecosystem. The value of USDt, which ranks third in terms of market value after Bitcoin and Ether, is over 185 billion dollars, according to CoinMarketCap data. This size makes USDt indispensable as a liquidity and collateral tool for exchanges and investors.
The company is not limited to dollar-backed stablecoins. Significant reserves are also held for the gold-backed XAUt token. As of September 2025, Tether’s gold exposure has reportedly reached $12 billion. The 520 thousand troy ounces of gold allocated for XAUt corresponds to approximately 16.2 metric tons, and these assets are kept separate from the 130 metric tons of gold in the company’s general reserves. At current prices, the value of this total gold reserve is approximately 22 billion dollars.
These developments show that the element of trust in the stablecoin market is being supported not only by cash and bonds but also by alternative means of storing value. As a matter of fact, Circle’s recent start to report its USDC reserves more frequently and the introduction of MiCA regulations in Europe have accelerated the race for transparency in the sector.
As a result, Tether’s 2025 performance clearly reveals the delicate balance established between profitability and trust. Despite the profit decline, record reserves show the company is prioritizing long-term stability. As the stablecoin market matures, investors are expected to focus more on reserve quality and risk management, not just size
