Tether Annual Report: Over $10 Billion Net Profit in 2025, Holding $141 Billion US Treasury Bonds, $17.4 Billion Gold, and $8.4 Billion Bitcoin

**Tether Forecasts 2025 Net Profit Over $10B; Excess Reserves Reach $6.3B** Jan. 31 — Tether, issuer of the USD stablecoin USDT, announced Friday it expects full-year 2025 net profit to exceed $10 billion. The strong performance is driven by steady growth of its flagship token and ongoing holdings of U.S. Treasury bonds and gold. A fourth-quarter attestation report signed by Italian accounting firm BDO Italy shows Tether holds $6.3 billion in excess reserves, buffering its $186.5 billion in outstanding tokens. USDT’s circulating supply has risen $50 billion in the past year, topping $186 billion total. The firm maintains U.S. Treasury bond holdings: $122 billion in direct exposure, plus $19 billion in overnight repurchase agreements, totaling $141 billion. That makes Tether one of the world’s largest holders of U.S. government debt. Tether also holds significant gold and Bitcoin: $17.4 billion in gold and $8.4 billion in Bitcoin, per the report. As Paolo Ardoino told Bloomberg earlier this month, the company has been buying physical gold at up to 2 tons weekly—potentially spending over $1 billion monthly at that pace. Separately, Tether’s investment portfolio (managed apart from reserve assets) is valued at $20 billion.