Tether reported over $10B in net profit for 2025, according to its latest attestation by BDO, confirming another massive year for the stablecoin giant. > USDT supply grew by more than $50B during the year, marking Tether’s second largest annual issuance ever. > Total USDT in circulation now sits above $186B, backed by $193B in assets, giving Tether $6.3B in excess reserves. > Most of the backing comes from US Treasuries, totaling around $122B, which effectively makes Tether one of the largest holders of US government debt. > The firm also holds about 140 tons of gold, supporting both reserves and its gold backed token XAUT. > In 2025, it also launched a US subsidiary and rolled out USAT, its fully US regulated stablecoin.