Tether International Ltd., issuer of the world’s largest stablecoin USDT, reported a $4.9 billion net profit in Q2 2025. According to a BDO attestation, the company held $162.5 billion in reserves against $157.1 billion in issued USDT, creating a $5.4 billion reserve surplus. Tether’s U.S. Treasury exposure surpassed $127 billion through direct holdings, money market funds, and overnight repos.
In addition to its core stablecoin operations, Tether disclosed $4 billion in U.S.-based investments across artificial intelligence, renewable energy, and digital communications. Key projects include crypto wallet development, a stake in video-sharing platform Rumble, and support for XXI Capital—a bitcoin treasury firm preparing to go public via a merger with a Cantor Fitzgerald-backed SPAC.
Tether also booked $3.1 billion in year-to-date operational profits and $2.6 billion in mark-to-market gains from its gold and bitcoin holdings. As of June 30, Tether held around 83,200 BTC worth $8.9 billion in reserves.
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