Tether International, the company behind the USDT stablecoin, has released its Q4 2025 attestation, prepared by BDO – a top-five global independent accounting firm – confirming the accuracy of its Financial Figures and Reserves Report (FFRR) and offering a clear view of the assets backing USD₮ as of December 31 2025.
The report highlights a landmark year for Tether, defined by extraordinary issuance, balance-sheet expansion, and profitability, reflecting the global scale at which USD₮ operates. In 2025, Tether delivered net profits exceeding $10 billion, with excess reserves of $6.3 billion, underscoring its position as one of the most profitable and financially resilient privately held companies.
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Through disciplined reserve management and strategic deployment of capital across U.S. Treasuries, digital assets, and proprietary investment vehicles, Tether sustained this strong performance while advancing growth across its digital dollar ecosystem, which now serves more than 530 million users worldwide.
During the year, Tether issued nearly $50 billion in new USD₮, the second-largest annual issuance in its history, with roughly $30 billion of that issued in the second half of 2025 amid rising global demand for dollar liquidity in emerging markets, payments, and digital-asset trading.
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As a result, total USD₮ in circulation exceeded $186 billion, reaching an all-time high, while total reserve assets climbed to nearly $193 billion, also a record, with reserves continuing to exceed liabilities.
Tether’s exposure to U.S. Treasuries also reached unprecedented levels in 2025, reflecting a continued emphasis on highly liquid, low-risk assets:
Direct U.S. Treasury holdings exceeded $122 billion, the highest ever held by the company
Total direct and indirect Treasury exposure surpassed $141 billion, including overnight reverse repurchase agreements
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This places Tether among the largest holders of U.S. government debt globally, highlighting its expanding role as a key conduit for global dollar demand.
As of December 31 2025, Tether reported:
Total assets of approximately $192.9 billion
Total liabilities of approximately $186.5 billion, of which $186.45 billion relate to digital tokens issued
Tether’s proprietary investments in sectors such as AI, energy, media, fintech, precious metals, agriculture, and communications, managed through the Tether Global Investment Fund SICAF S.A, are not included in the reserves backing USD₮. These initiatives, funded from excess capital and profits, are fully separated from USD₮ reserves and now exceed $20 billion.
“What matters about 2025 is not just the scale of growth, but the structure behind it,” said Paolo Ardoino, CEO of Tether.
“USD₮ expanded because global demand for dollars is increasingly moving outside traditional banking rails. USD₮, with its network effect and parabolic growth, has become the most widely adopted monetary social network in history. Our strong risk-management framework, asset allocation, and liquidity decisions are designed to ensure USD₮ remains reliable and usable at global scale, even under extreme demand.”
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With record issuance, reserves exceeding liabilities by billions, historic Treasury exposure, and robust risk management, Tether enters 2026 with one of the strongest balance sheets of any global company. As worldwide demand for digital dollars, inflation hedges, and programmable financial instruments accelerates, Tether remains positioned as a foundational pillar of global digital liquidity.
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