Tether, the popular stablecoin issuer, has seen a significant increase in its USDT circulation, surpassing $157 billion in total. The company’s quarterly attestation report released on July 31 revealed that Tether has minted over $20 billion worth of USDT since the beginning of 2025, with more than $13.4 billion issued in the second quarter alone. This surge in USDT issuance reflects strong global demand for the dollar-pegged token.
Tether emphasized in its report that all tokens in circulation are fully backed by reserve assets. As of the end of Q2 2025, the company’s exposure to US Treasuries exceeded $127 billion, making it one of the largest non-sovereign holders of US government debt. This includes $105.5 billion in direct Treasury holdings and $21.3 billion held indirectly.
Paolo Ardoino, CEO of Tether, expressed confidence in the company’s performance, stating, “Trust in Tether is accelerating, and we are shaping global demand with our robust reserves and steady issuance of USDT.”
In terms of financial performance, Tether reported a net profit of $4.9 billion for Q2 2025, bringing its year-to-date total to $5.7 billion. The company’s profits were driven by recurring operational income and mark-to-market gains on its gold and Bitcoin holdings. Tether also highlighted its shareholder capital of $5.47 billion, demonstrating its commitment to financial resilience.
Despite its strong financial position, Tether is facing legal challenges in New York, including a class-action suit related to the 2017-2018 Bitcoin market downturn and proceedings linked to the bankruptcy of crypto lender Celsius. Tether International is named as a defendant in both cases, but the outcomes remain uncertain, and no provisions have been made in the company’s financials for these litigations.
In response to its profitability, Tether has begun investing in long-term initiatives, with a focus on infrastructure projects in the US market. The company has already deployed approximately $4 billion into ventures such as XXI Capital and Rumble, including the development of the Rumble Wallet.
Overall, Tether’s continued growth and financial strength position it as a key player in the cryptocurrency market, with a strong focus on transparency and stability in its operations.