Tether posts record $4.9 billion net profit for second quarter

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.