Tether Grows Treasury to $127B with Push in Q2 Profit

Tether has reported a robust $4.9 billion profit for the second quarter of 2025, further cementing its position as the leading issuer of dollar-pegged digital assets. CEO Paolo Ardoino hinted at an upcoming U.S.-focused expansion, noting on social media that the company is preparing to launch a new business line designed to deliver top-tier products specifically tailored for the American market.
According to its latest financial disclosure, the company has generated $5.7 billion in profits during the first half of the year, up nearly 10% from the same period in 2024. A major portion of Tether’s reserves remains heavily weighted in U.S. Treasuries, totalling $127 billion, putting it on par with countries like Saudi Arabia in terms of U.S. debt holdings.
Tether’s financial strength comes at a time of growing regulatory clarity in the U.S., following the recent passage of the GENIUS Act. This law provides a legal framework for the issuance of stablecoins like USDT, and is expected to give a boost to firms such as Tether and its publicly traded competitor, Circle.
In its Thursday attestation, global accounting firm BDO confirmed that Tether’s reserves also include roughly $8.9 billion in Bitcoin and $8.7 billion in precious metals. While the majority of the reserves—approximately 64%—remain in U.S. Treasury assets, questions have emerged around whether the company will need to adjust its holdings to comply with future U.S. regulatory requirements. Earlier in the year, analysts from JPMorgan suggested that Tether might eventually need to offload some of its Bitcoin to stay compliant, though Ardoino dismissed the speculation.
In the same attestation, Tether described its reserve structure as a model for how private-sector financial innovation can support public monetary goals. By maintaining a large stockpile of low-risk government assets, Tether says it provides secure and scalable on-chain access to U.S. dollar liquidity.
Tether’s growing influence is also evident in its investment activities. The firm has recently funnelled excess profits into strategic holdings, including Bitcoin treasury company Twenty One Capital, which now holds over 43,500 BTC, making it the third-largest Bitcoin corporate holder globally. The stablecoin issuer has also backed platforms like Rumble and agricultural ventures like Adecoagro, signalling broader ambitions beyond digital assets.
As of July 31, Tether’s market capitalisation stands at approximately $163 billion—more than double that of Circle’s $64 billion USDC token, according to CoinGecko.





