Tether's Q2 2025 Attestation: $4.9B Profit and $127B U.S. Treasury Portfolio

Stablecoin issuer Tether published its Q2 2025 attestation report on July 31, which told a story of continued growth and expansion into more areas of technological innovation.

According to the report, Tether issued an $13.4 billion in USD₮ in the Q2 2025, pushing its total circulating supply past $157 billion ($20 billion increase year-to-date). Net profit of $4.9 billion in Q2 brought the company's six-month total to $5.7 billion. Of this, $3.1 billion came from recurring operations alone.

A key takeaway from the attestation is Tether's deepening position as a major player in the U.S. debt market. The company's total exposure to U.S. Treasuries, including both direct and indirect holdings, surged to over $127 billion by the end of Q2, an increase of roughly $8 billion from the previous quarter.

This number places Tether among the largest global holders of U.S. government debt, ahead of nation states like South Korea and United Arab Emirates.

Tether's CEO, Paolo Ardoino, attributed this growth to accelerating trust in the stablecoin, which continues to drive commerce and innovation across more than 150 countries.

Tether's $5.47 billion in shareholder capital provides a buffer that many companies would envy. This buffer has allowed them to strategically reinvest profits, deploying approximately $4 billion to date into the U.S. domestic ecosystem through initiatives like XXI Capital and an investment in Rumble.

The company's reinvestment initiatives suggest ambitions that extend beyond just maintaining a digital dollar peg.

"Q2 2025 affirms what markets have been telling us all year: trust in Tether is accelerating," said CEO Paolo Ardoino, framing the company's growth as validation.

"With over $127 billion in U.S. Treasury exposure, robust bitcoin and gold reserves, and over $20 billion in new USD₮ issued, we’re not just keeping pace with global demand, we’re shaping it,” he added.

The attestation's transparency, verified by BDO, addresses long-standing concerns about Tether's reserves. The company is no stranger to skepticism about its reserves, with the absence of third-party audits previously raising investor concerns about Tether's solvency.