- Tether earned $4.9B in Q2 2025 profits, bringing year-to-date earnings to $5.7B.
- USD₮ supply rose to $157.1B in Q2, fully backed by $162.5B in verified total assets.
- Tether’s U.S. Treasury holdings reached $127B, confirmed by BDO Italia’s attestation.
Tether reported a net profit of $4.9 billion in its Q2 2025 attestation, verified by BDO Italia. According to the report, Tether International had $162.57 billion in assets and $157.11 billion in liabilities on June 30, 2025. Of these liabilities, $157.1 billion relates directly to USD₮ tokens in circulation. The attestation confirms excess reserves of $5.47 billion, which are in line with the company’s strategy of fully backing its issued tokens.
In Q2 2025, Tether issued $13.4 billion in new USD₮ tokens, bringing the year-to-date rise in circulating supply to $20 billion. As of June 30, the total supply of the stablecoin stood at $157.1 billion solidifying its control of the digital dollar market. The CEO, Paolo Ardoino, believes that this increase indicates the rising trust in Tether’s operations and the worldwide demand for stablecoins.
Tether’s Holdings and USDT Backing
According to the attestation report, the company’s reserves include $105.52 billion in U.S Treasury bills and $21.3 billion in indirect exposure via money market funds and repurchase agreements. These holdings total $127 billion in U.S. government debt exposure, placing Tether among the largest private investors in Treasuries worldwide.
In addition to the Treasuries, Tether also holds $8.93 billion in bitcoin, $8.73 billion in physical gold and $16.34 billion in overnight reverse repurchase agreements. It also maintains $10.14 billion in secured loans, all overcollateralized with liquid assets. Shareholder capital remained unchanged at $5.47 billion for the quarter, supporting the company’s capital position and reserve strength.
Tether’s financial records show $3.1 billion in operational profits for the first half of the year. The remaining $2.6 billion of its $5.7 billion year-to-date profit came from gains related to bitcoin and gold holdings. The company confirmed that none of its proprietary investments are used to back USD₮ in circulation.
Related: Tether’s $XAUT Spikes to 40% as Gold Hits $3,400 in 2025
Tether Expands U.S. Market Focus
Tether plans to introduce new products for the U.S. market in the upcoming quarter. The company stated that it is preparing a product suite that will include stablecoins and other offerings tailored to the U.S. financial infrastructure. CEO Paolo Ardoino said the firm’s strategy will align with current domestic financial frameworks.
According to Tether, nearly $4 billion has been deployed into U.S.-based ventures so far in 2025. These investments include projects in digital finance, communications infrastructure, and AI. Additionally, Tether has invested in platforms such as Rumble and built associated wallet infrastructure as part of its XXI Capital initiative.
Ongoing Legal Proceedings
After its relocation from the British Virgin Islands in January 2025, the company continues to operate under El Salvador’s Digital Asset Issuance Law. In addition, Tether is currently involved in two active legal cases in New York. One lawsuit concerns alleged misconduct related to the 2017–2018 bitcoin market downturn. The other case is connected to the collapse of the crypto lender Celsius. Tether stated that no financial provisions were made for either case, citing uncertainty around the potential outcomes.
Nevertheless, the company’s management has not disclosed further details regarding the timeline of these proceedings. The company clarified that its legal position remains separate from the reserves backing USD₮. It emphasized that operational and reserve functions continue without disruption while legal matters are pending. Furthermore, the management highlighted the efforts from U.S. policymakers to support stablecoin frameworks through legislation like the GENIUS Act.
