Stablecoin juggernaut Tether scored a new quarterly record during the second quarter by posting a net profit of $4.9 billion, the company said on Thursday.
Tether’s previous net profit record of $4.52 billion was set during the first quarter of last year. The company has proven in recent years to be one of the world’s most profitable companies.
“Q2 2025 marked a new chapter in Tether’s global expansion, with over $13.4 billion USDT issued, bringing the circulating supply to more than $157 billion,” the firm said in its latest attestation report prepared by accounting firm BDO. “Total exposure to U.S. Treasuries – including $105.5 billion in direct holdings and $21.3 billion owned indirectly — exceeded $127 billion (~$8 billion increase compared to Q1 2025) at the end of Q2 2025.”
Tether is by far the leading stablecoin issuer. The second-largest stablecoin USDC, issued by Circle, has a supply of roughly $64 billion, according to The Block Data Dashboard. That’s compared to USDT’s $163 billion total supply.
The USDT issuer also said it held nearly $9 billion in Bitcoin at the end of the second quarter.
Tether repeated that it remains “among the largest holders of U.S. government debt globally” and that the “milestone comes at a time when U.S. policymakers, through the GENIUS Act, have taken decisive steps to solidify the dollar’s global leadership in digital form.”
So far Tether’s customers have almost exclusively been non-U.S. based users and entities, but that could change as the company eyes expanding into the U.S. market amid President Donald Trump implementing a pro-crypto administration. Last week, Tether CEO Paolo Ardoino said the stablecoin issuer is well underway to do business in the U.S.
© 2025 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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