Tether reported substantial financial gains in the first half of 2025, amid increased mainstream adoption and regulatory developments in the stablecoin market. The company disclosed significant profits driven by its USDt stablecoin.
Tether announced a profit of $4.9 billion for the second quarter of 2025. This represents a 277% increase in profit compared to the same period in the previous year. The company’s performance reflects the growing acceptance and use of stablecoins, particularly USDt, within the digital economy.
USDt, created by Tether, maintains its position as the dominant stablecoin, pegged to the U.S. dollar and backed by U.S. Treasurys and cash equivalents. Data from DefiLlama indicates USDt constitutes 61.7% of the total stablecoin market, with a market capitalization of $164.5 billion at the time of the report.
Tether reported total assets of $162.6 billion and liabilities of $157.1 billion as of June 30, 2025. The majority of the company’s liabilities are connected to its token issuance. The company’s balance sheet reflects its significant role in the stablecoin ecosystem.
The company increased its holdings of U.S. Treasurys to $127 billion during the quarter. This expansion has positioned Tether as the 18th-largest holder of these U.S. debt instruments, surpassing South Korea in its holdings. This strategic move underscores Tether’s investment strategy.
For the first six months of 2025, Tether’s profit reached $5.7 billion. Compared to $5.2 billion in the first six months of 2024, this represents a 9.6% increase. The company’s growth reflects sustained demand for its stablecoin offerings. Tether’s substantial holdings of U.S. Treasurys coincide with legislative efforts to reinforce the dollar’s prominence in the digital financial landscape. The report states that U.S. policymakers have taken “decisive steps to solidify the dollar’s global leadership in digital form through the GENIUS Act.”
Other companies in the stablecoin sector have been actively pursuing their own strategies. Circle, the issuer of USDC, launched an initial public offering (IPO) in June 2025. The stock, which initially sold at $31 per share, has since risen substantially and is currently valued at $186.83.
PayPal announced a 3.7% yield on its stablecoin in April 2025, providing incentives for users to hold and utilize its digital currency. World Liberty Financial, associated with former U.S. President Donald Trump, launched its own stablecoin and invested $10 million in Falcon Finance to facilitate blockchain development for these tokens.
