Tether Reports $4.9B Q2 Profit and $2.6B Gains from Bitcoin, Gold Reserves

• Tether confirmed $4.9B Q2 profit and $2.6B gains from bitcoin and gold reserves in its latest attestation.
• USDT’s market cap hit $163.75B, maintaining dominance as USDC, USDe, and DAI show varied growth paths.
• The stablecoin market surpassed $250B, reflecting rising adoption, regulatory oversight, and evolving asset backing models.

Tether released its Q2 2025 attestation on July 31, revealing a significant increase in its U.S. Treasuries exposure and another multi-billion dollar profit.

Tether’s U.S. Treasury Holdings Swell

The attestation showed Tether’s total assets reached $162.57 billion against liabilities of $157.1 billion, resulting in a surplus of $5.47 billion in excess reserves. 

A key highlight is the company’s exposure to U.S. Treasuries, which climbed to $127 billion, an $8 billion increase from the previous quarter. This figure, composed of $105.5 billion in direct holdings and $21.3 billion held indirectly, positions Tether among the largest holders of U.S. government debt globally.

Record Profits From Operations and Assets

Tether recorded a $4.9 billion net profit for Q2, bringing its six-month total to $5.7 billion. Of this, $3.1 billion came from recurring income, while $2.6 billion resulted from mark-to-market gains on bitcoin and gold holdings. Earlier reports indicated Tether held over 100,000 BTC and more than 50 tons of gold.

During the quarter, the circulating supply of USDT rose by $13.4 billion, bringing year-to-date issuance to $20 billion and total supply to $157 billion. This increase came alongside rising use of USDT in over 150 countries where access to traditional banking is limited.

The latest report maintained shareholder capital at $5.47 billion, which serves as a cushion against market shocks. It is to be noted that in Q1 2025, Tether disclosed $1 billion in operational profit and $5 billion in excess reserves, underscoring its equity buffer.

Strategic Investments and Market Role

A portion of Tether’s profits was reinvested into infrastructure and technology, including projects in artificial intelligence and renewable energy. The company also allocated approximately $4 billion to U.S.-based initiatives this year.

Paolo Ardoino, CEO of Tether, emphasized the company’s role in providing dollar liquidity through USDT while regulators continue developing stablecoin frameworks. 

USDT Dominates Stablecoin Market

The broader stablecoin market, which surpassed $250 billion in mid-2025, continues to be led by USDT. While Tether’s attestation reported total liabilities of $157 billion, CoinMarketCap data places USDT’s market capitalization at $163.75 billion (see chart), underscoring its dominance.

In comparison, USDC follows at $64.08 billion, maintaining its status as a compliant, fiat-backed alternative favored by regulated entities.

Ethena’s synthetic USDe has grown to $8.5 billion, reflecting demand for yield-driven products despite higher risk exposure. DAI, fully crypto-collateralized and governed on-chain, stands at $5.36 billion, continuing its decentralized niche in DeFi.

World Liberty Financial’s USD1, tied to political and domestic finance initiatives, holds $2.17 billion. First Digital USD (FDUSD) has $1.44 billion, while PayPal USD (PYUSD) remains smaller at $959.8 million, focusing on payment integration.