- Tether earned $5.7 billion in H1 2025, with $3.1 billion from recurring operations and $2.6 billion from Bitcoin and gold gains.
- USD₮ supply expanded by $20 billion year-to-date, with over $13.4 billion issued in Q2 alone, hitting $157 billion in circulation.
- Tether’s U.S. Treasury holdings surpassed $127 billion by the Q2 close, positioning it among the largest holders of government debt worldwide.
Tether just dropped its Q2 2025 attestation—and the numbers are commanding attention. With $4.9 billion in quarterly profit and $5.7 billion across the first half of the year, the stablecoin giant is not only profitable, but it’s also becoming a central force in the digital dollar race.
$5.7B in Profits—But Where’s It Coming From?
Of the total $5.7 billion in H1 net profit, $3.1 billion came from recurring business operations. The other $2.6 billion? That came from mark-to-market gains on Bitcoin and gold—an edge few traditional players can replicate. Tether is proving that it can profit consistently while also positioning strategically with digital and real-world assets.
CEO Paolo Ardoino framed it clearly: “Q2 2025 affirms what markets have been telling us all year: trust in Tether is accelerating.”
And Tether isn’t just stacking cash. The firm is reinvesting heavily into strategic ventures like XXI Capital and Rumble Wallet development. According to the company, more capital has been deployed over the past six months than in previous cycles, pointing to a long-term infrastructure play.
USD₮ Supply Explodes—And So Do Treasury Holdings
Tether minted over $13.4 billion in new USD₮ in Q2 alone, pushing total circulation to $157 billion—a $20 billion jump since January. This isn’t retail hype. This is deep institutional and cross-border usage in over 150 countries.
Backed by over $127 billion in U.S. Treasuries—$105.5 billion directly held and $21.3 billion indirectly—Tether now ranks among the world’s largest holders of U.S. government debt. Ardoino didn’t mince words: “We’re not just keeping pace with global demand, we’re shaping it.”
Assets Outweigh Liabilities—And It’s Not Even Close
As of June 30, 2025, Tether held $162.57 billion in assets against $157.11 billion in liabilities. Nearly all liabilities stem from issued tokens, meaning reserves continue to outmatch obligations.
Shareholder capital is holding steady at $5.47 billion, acting as a solid buffer. Ardoino summed up the momentum: “USD₮ is helping billions access the stability of the U.S. dollar… that mission has never been more urgent or more relevant.”
