Tether’s latest disclosures show a profit step-down versus the prior year even as the stablecoin issuer’s U.S. Treasury exposure climbs to fresh records, underscoring how sensitive the company’s earnings can be to rates, reserve mix, and issuance trends.
In a company update tied to its BDO-prepared attestation, Tether said its 2024 results included $13 billion in profits alongside all-time highs in U.S. Treasury holdings, while later 2025 disclosures indicated profits above $10 billion as Treasury exposure continued rising to new peaks.
Key Takeaways
- Tether’s disclosed profits for 2025 were above $10 billion, lower than the $13 billion figure it reported for 2024.
- U.S. Treasury exposure continued to rise, with Tether citing record levels in 2025 attestations.
- The figures were communicated through periodic attestations prepared by BDO, rather than a full public audit.
- Record Treasury positioning highlights Tether’s growing footprint in short-term government debt markets.
Profit Declines From 2024’s High Water Mark
Tether previously stated that it generated $13 billion in profits for 2024 in an announcement accompanying its Q4 2024 attestation prepared by BDO. The company framed those results as being supported by reserve growth and higher-yielding cash-and-cash-equivalent positioning during that period.
More recent reporting around 2025 results points to a lower annual profit level than 2024, even while remaining sizeable. For example, coverage of Tether’s 2025 attestation figures has described net profit exceeding $10 billion for the year, suggesting a moderation versus the prior year’s headline number.
Treasury Exposure Pushes to Record Levels
While profits eased year over year, Tether’s U.S. Treasury exposure moved higher. In an October 2025 company post about its Q3 attestation, Tether described “record levels” of U.S. Treasury exposure, positioning Treasuries as a central pillar of its reserves as USDT supply expanded.
Separately, Yahoo Finance reported that Tether’s U.S. government debt exposure reached about $141 billion in connection with its 2025 disclosures, reinforcing the trend of steady growth in Treasury holdings as a core backing asset.
Why the Mix of Reserves Matters for Earnings
Tether’s profitability is closely tied to the income generated by reserves, particularly interest earned on short-term U.S. government securities and other cash-like instruments. When yields, issuance patterns, or reserve composition change, profits can move meaningfully even if headline reserve totals rise.
That dynamic helps explain how Treasury exposure can hit new highs while the year’s profit comes in below a prior peak, especially as market rates and liquidity conditions shift.
Stablecoin Scrutiny Remains in Focus
Tether’s periodic attestations—prepared by BDO, as repeatedly referenced in the company’s releases—remain a focal point for market participants who want clarity on reserve quality, liquidity, and surplus buffers. The company has emphasized transparency improvements over time through these reports, while critics continue to debate whether attestations provide the same depth as a full independent audit.
With stablecoin regulation evolving in multiple jurisdictions, the size of Tether’s Treasury footprint and its reported profitability are likely to remain closely watched as indicators of resilience during market stress.