Tether, issuer of the world's most popular stablecoin USDT, wrapped up 2025 with a net profit of over $10 billion, the company reported Friday, bolstered by steady growth in its flagship token and growing exposure to U.S. Treasuries and gold.

The fourth-quarter attestation, signed by accounting firm BDO Italy, showed Tether holding $6.3 billion in excess reserves, a buffer over its $186.5 billion in liabilities tied to issued tokens. USDT’s circulating supply grew by $50 billion over the year, to over $186 billion.

The firm continued ramping up its holdings of U.S. Treasuries, reaching $122 billion in direct exposure and $141 billion including overnight reverse repurchase agreements. That positions the company among the largest holders of U.S. government debt globally.

Tether also maintained significant allocations to gold and bitcoin, reporting holdings of $17.4 billion and $8.4 billion, respectively. The company has been buying physical gold at a rate of up to two tons a week, a pace that could total more than $1 billion in monthly purchases, according to a Bloomberg interview with Ardoino earlier this month.

Tether's investment portfolio, which is separated from reserve assets, was valued at $20 billion.

"With USDT issuance at record levels, reserves exceeding liabilities by billions of dollars, Treasury exposure at historic highs, and strong risk management, Tether enters 2026 with one of the strongest balance sheets of any global company," said Paolo Ardoino, CEO of Tether, in a statement.

The latest report comes amid rising global demand for stablecoins, with Tether’s USDT remaining the dominant digital dollar in circulation. Earlier this week, Tether launched USAT — a new stablecoin tailored for the U.S. market — in partnership with Anchorage Digital, a U.S.-based federally chartered crypto bank. The move marks a bid to carve out regulatory-compliant ground in the U.S.