TLDR
- Tether profits exceed 10 billion in 2025, driven by growing USDT adoption worldwide.
- USDT supply surpasses 183 billion, controlling over 60 percent of the stablecoin market.
- Tether holds 135 billion in U.S. Treasuries with additional Bitcoin and gold reserves.
- New platforms like Stabull Finance expand stablecoin trading for multiple global currencies.
Tether, the issuer of the USDT stablecoin, has crossed the $10 billion profit mark in 2025, reinforcing its dominance in the digital dollar market. The company’s earnings continue to rival major Wall Street firms, driven by strong demand for dollar-backed stablecoins. As USDT adoption expands globally, Tether’s financial position and reserve holdings have solidified, making it a central player in both crypto and traditional finance.
Tether Surpasses $10 Billion in Profits
Tether Holdings Limited, the company behind USDT, achieved net profits exceeding $10 billion by the end of Q3 2025. CEO Paolo Ardoino attributes the growth to rising global adoption of USDT and trust in its reserves. The company now serves over 500 million users worldwide, offering a widely accepted stable digital dollar.
In Q2 2025 alone, Tether reported $4.9 billion in earnings, highlighting continued operational strength. Its profitability ranks among the most profitable privately controlled financial companies globally. Ardoino described the milestone as “likely the biggest financial inclusion achievement in history.”
Revenue Sources and Reserve Management
Tether generates revenue primarily by investing USDT reserves in safe, interest-bearing assets. U.S. Treasury holdings are the largest component, totaling approximately $135 billion as of Q3 2025. Bitcoin and gold reserves provide additional income, contributing about $5 billion in unrealized profits during 2024.
Operational earnings and investment gains have combined to ensure robust cash flow. In Q2 2025, Tether recorded $3.1 billion from operational activities and $1.8 billion from Bitcoin and gold. Excess reserves of $6.8 billion further reinforce its ability to manage market volatility effectively.
Market Dominance and Expansion
USDT remains the leading stablecoin, with a circulating supply surpassing $183 billion as of October 2025. This represents over 60% of the stablecoin market, far ahead of competitors such as Circle’s USDC, valued at around $60.7 billion.
Tether has also expanded its investments through Tether Investments and XXI Capital, deploying $4 billion into U.S.-based ventures in AI, renewable energy, and digital infrastructure. A notable partnership includes $775 million committed to video platform Rumble. In addition, the company relocated its headquarters to El Salvador, securing a Digital Asset Service Provider license.
Emerging Platforms Serve Stablecoin Demand
While Tether leads the market, new platforms are addressing unmet needs. Stabull Finance, launched in December 2024, targets stablecoin and tokenized asset trading. The platform supports 16 stablecoins across 11 currencies, including Euro, Yen, and Brazilian Real.
Stabull uses an Automated Market Maker with Chainlink oracles to maintain price alignment with real-world exchange rates. Fees are shared with liquidity providers, and governance tokens reward participants. The exchange recently secured $2.5 million to expand cross-chain liquidity and add assets.
Tether’s 2025 profits and expanding operations underscore the growing global demand for stablecoins. With strong reserves, strategic investments, and emerging platforms like Stabull, USDT continues to play a central role in digital finance.
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