Tether, the issuer of the world's largest stablecoin USDt, reported that its 2025 internet revenue will fall by about $3 billion, at the same time as its U.S. Treasury holdings hit a document excessive.
In a report revealed Friday and ready by accounting agency BDO, Tether stated its 2025 internet revenue was greater than $10 billion, down about 23% from 2024's $13 billion.
In the meantime, Tether stated its direct holdings of U.S. Treasuries will exceed $122 billion in 2025, a “highest stage ever.” The corporate stated this marks a “continued shift in the direction of extra liquid, decrease threat property.”
Tether's complete property elevated by $49.17 billion year-on-year. sauce: BDO
The corporate issued $50 billion in new USDT in 12 months, and Tether CEO Paolo Ardoino stated demand for the stablecoin had elevated as “world demand” for the US greenback moved outdoors of conventional banking rails.
USDt soars amid gradual, fragmented monetary system
“Particularly in areas the place monetary methods are gradual, fragmented or inaccessible,” he stated, arguing that stablecoins “have develop into essentially the most broadly adopted monetary social community in human historical past.”
Cryptocurrency market individuals are carefully monitoring Tether's monetary standing, as its stablecoin is a significant a part of the ecosystem. In response to CoinMarketCap, USDt ranks because the third-largest cryptocurrency after Bitcoin (BTC) and Ether (ETH) with a market capitalization of $185.51 billion.
Tether’s earnings and reserves present perception into the boldness of the stablecoin market, which is vital for merchants and exchanges that use USDt as an alternative of liquidity and collateral.
Tether, which additionally points the gold-backed stablecoin XAUt (XAUT), has been accumulating gold as a part of its reserves for a while, with a reported $12 billion publicity as of September 2025.
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The corporate holds 520,089 troy ounces (roughly 16.2 tonnes) of gold for XAUT, separate from 130 tonnes of wider reserves, valued at roughly $22 billion at present costs.
“Tether maintains roughly 130 tons of bodily gold, and the gold backing every XAUT token is held individually and is due to this fact topic to bodily supply,” a Tether spokesperson not too long ago instructed Cointelegraph.
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