- Tether reported $4.9 billion in profit for the second quarter of 2025.
- The market cap of USDT, Tether’s main stablecoin, exceeded $150 billion by the end of June.
- Tether claims to be among the largest holders of U.S. government debt, with significant investments in U.S. Treasury bills.
- The company’s reserves include increased amounts of Bitcoin and precious metals, both rising in value this quarter.
- Secured loans in Tether’s reserves have grown and are now about twice the size of the company’s reported equity, despite earlier pledges to eliminate them.
Tether, the biggest global stablecoin issuer, announced it generated $4.9 billion in net profit for the second quarter of 2025 and stated it now holds a significant portion of U.S. government debt. These claims came as the company’s primary stablecoin, USDT, reached a market capitalization of more than $150 billion by the end of June.
In an official statement, Tether cited large holdings in U.S. Treasury bills—the single largest asset class in its reserves. The company also reported further growth in its bitcoin holdings, increasing their value to $8.9 billion from $7.7 billion over the quarter, and raised its precious metals reserves from $6.7 billion to $8.7 billion.
The company indicated that much of its reserves are made up of U.S. Treasuries, including direct bills and indirect exposure through overnight reverse repurchase agreements and money market funds. According to Tether, the company’s “equity”—defined as the value of its assets minus liabilities—has remained stable, even as total market capitalization has grown.
One notable change concerns the amount of secured loans in the company’s reserve structure. In late 2022, Tether pledged to reduce or eliminate these secured loans by the end of 2023, stating this publicly in a company announcement. While in 2023, Tether classified the loans as excess reserves because its equity outpaced their value, the most recent update reveals the value of secured loans has since expanded. As of mid-2025, these secured loans now amount to approximately double the company’s reported equity.
When asked for clarification on the shift in secured loan levels, Tether did not immediately respond. Previous reports have raised questions about whether the company would fulfill plans to remove such loans from its reserves.
Tether continues to hold large asset classes outside of U.S. Treasuries, including substantial bitcoin and precious metals, alongside indirect investments designed to support the stability of USDT. For further information about Tether’s financial disclosures, see its latest announcement, or review the background on Tether’s secured loans.
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