Key Takeaways
- Tether racked up nearly $6 billion in profit in H1 2025.
- USDT supply surpassed $157 billion after a $13 billion increase during the quarter.
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Tether recorded around $4.9 billion in the second quarter of 2025, according to a new attestation report completed by BDO.
The issuer of the largest stablecoin by market cap, USDT, made over $3 billion from its core business and another $2.6 billion from Bitcoin and gold gains, raking in $5.7 billion in the first half of 2025.
On stablecoin issuance, USDT circulating supply increased to over $157 billion in Q2, up over $13 billion in the quarter and $20 billion since the beginning of the year. The company’s total assets surpassed $162 billion, while its liabilities stood at approximately $157 billion.
Tether’s US Treasury exposure grew to $127 billion through June 30, with $105 billion held directly and another $21 billion through indirect channels like money market funds. Compared to Q1, it was an $8 billion uptick. Shareholder capital remained stable at $5.5 billion.
“Q2 2025 affirms what markets have been telling us all year: trust in Tether is accelerating,” said Paolo Ardoino, CEO of Tether, in a statement. “With over $127 billion in US Treasury exposure, robust Bitcoin and gold reserves, and over $20 billion in new USDT issued, we’re not just keeping pace with global demand, we’re shaping it.”
The company has invested approximately $4 billion in the US domestic ecosystem as part of its global profit reinvestment strategy, focusing on initiatives including XXI Capital and investment in Rumble.
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