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Tether, the world's largest stablecoin issuer, has published its financial audit report for the second quarter of 2025.
According to a report prepared by independent auditing firm BDO, the company issued over $13.4 billion worth of new USDT in the second quarter of the year, bringing the circulating supply to over $157 billion. The total amount of USDT issued since the beginning of the year has reached $20 billion.
Tether's total assets reached approximately $162.6 billion as of June 30, 2025. During the same period, its total liabilities stood at $157.1 billion, almost all of which correspond to digital tokens in circulation. The company's assets exceeding its liabilities, according to the press release, demonstrate its strong financial structure, while its shareholder equity of approximately $5.47 billion is noteworthy.
Tether's reliance on US Treasury securities has reached a staggering level. The company holds $105.5 billion in direct US Treasury securities and $21.3 billion in indirect US Treasury securities. This makes Tether one of the largest global buyers of US debt, holding over $127 billion in total US debt.
The company generated approximately $4.9 billion in net profit in the second quarter of 2025. Total net profit for the first six months of the year was $5.7 billion. $3.1 billion of this figure came from regular operating income and $2.6 billion from the market valuation of its gold and Bitcoin holdings. A significant portion of these profits was channeled into strategic investments.
Tether continues to channel its growing profitability into long-term projects. Among the investments made in the last six months, projects like XXI Capital, Rumble, and the Rumble Wallet development stand out. The US has received the largest share of these investments, with a total of nearly $4 billion in capital being channeled into the local ecosystem.
Tether CEO Paolo Ardoino stated that the company's influence in the global financial system is growing. “With over $127 billion in US Treasury positions, strong gold and Bitcoin reserves, and over $20 billion in new USDT issued in 2025, we are not only responding to demand, we are also shaping the future of the digital dollar,” Ardoino said.
Tether's key financial data as of Q2 2025 is as follows:
- Total Assets: $162.57 billion
- Total Liabilities: $157.1 billion
- Net Profit (Q2 2025): ~$4.9 billion
- USDT in circulation: $157 billion
- US Treasury Bond Position: $127 billion
*This is not investment advice.