Tether's net profit in 2025 exceeds $10 billion, with gold reserves reaching $17.4 billion. The issuer of the stablecoin USDT, Tether, announced on Friday that its net profit for 2025 surpassed $10 billion, mainly due to steady growth of its flagship token USDT and continuous increases in investments in U.S. Treasuries and gold. The fourth-quarter financial report signed by Italian accounting firm BDO shows that Tether holds $6.3 billion in excess reserves, enough to offset its liabilities of $186.5 billion related to issued tokens. The circulating supply of USDT grew by $50 billion within a year, exceeding $186 billion. The company continued to increase its holdings of U.S. Treasuries, with direct holdings reaching $122 billion, and total holdings including overnight repurchase agreements reaching $141 billion. This positions Tether among the world's largest holders of U.S. Treasuries. Tether also maintains substantial allocations in gold and Bitcoin, with holdings of $17.4 billion and $8.4 billion respectively.