Tether International, S.A. de C.V., today published its Q4 2025 attestation, prepared by BDO, a top-five global independent accounting firm. The report confirms the accuracy of Tether’s Financial Figures and Reserves Report (FFRR), and provides a transparent, detailed view of the assets backing USD₮ as of December 31, 2025. It highlights a landmark year defined by unprecedented issuance, balance-sheet growth, and profitability, reflecting the scale at which USD₮ operates across global digital markets.
Tether delivered net profits exceeding $10 billion in 2025 with excess reserves reaching $6.3B, marking another strong annual financial performance and reaffirming its position as one of the most profitable and financially robust privately held companies. Through disciplined reserve management and strategic deployments across U.S. Treasuries, digital assets, and proprietary investment entities, Tether sustained this exceptional performance while driving growth across its digital dollar ecosystem, which now exceeds 530 million users globally.
In 2025 alone, Tether issued nearly $50 billion in new USD₮, the second-largest annual issuance in its history. Momentum accelerated sharply in the second half of the year, when approximately $30 billion was issued amid a surge in demand for dollar liquidity across emerging markets, payments, and digital asset trading. As a result, total USD₮ in circulation surpassed $186 billion, reaching an all-time high and marking one of the fastest annual expansions of a dollar-denominated financial instrument ever recorded in global markets. At the same time, total reserve assets climbed to nearly $193 billion, also an all-time high, with reserves continuing to exceed liabilities.
Tether’s exposure to U.S. Treasuries continued to hit record levels in 2025, reflecting an ongoing shift toward highly liquid, low-risk assets.
By year-end:
Direct US Treasury holdings exceeded $122 billion, the highest level ever recorded by the company
Total direct and indirect Treasury exposure surpassed $141 billion, including overnight reverse repurchase agreements
This places Tether among the largest holders of US government debt worldwide, underscoring its growing role as a major conduit for global dollar demand.
The Management asserts the following as of December 31, 2025:
Total assets exceed $192,877,729,144.
Total liabilities amount to $186,539,895,593, of which $186,450,610,920 relate to digital tokens issued.
Tether’s proprietary investments in emerging sectors such as Artificial Intelligence (AI), Energy, Media, Fintech, Precious Metals, Agriculture, Digital Assets Treasury companies, Land, and P2P communication through the Tether Global Investment Fund SICAF S.A are not included in the reserves backing the issued token. These innovative, ground-breaking initiatives across various fields are funded from excess capital and profits and are fully segregated from USD₮ reserves. As of Q4 2025, this investment portfolio exceeds $20 billion.