Tether International S.A. de C.V. (TI) has published its Q2 2025 attestation report, verified by global accounting firm BDO.
Tether Issues $20B in USD₮ YTD, Becomes One of Largest U.S. Debt Holders with $127B in Treasuries, Net Profit ~$4.9B in Q2 2025 Attestation Report
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— Tether (@Tether_to) July 31, 2025
The report confirms the accuracy of Tether’s Financial and Reserves Report (FFRR) and outlines the assets backing USD₮ as of June 30th, 2025.
In Q2, Tether issued $13.4 billion in USD₮, bringing the total supply to over $157 billion, an increase of $20 billion since the start of the year.
Tether’s U.S. Treasury holdings totaled over $127 billion at the end of the quarter, including $105.5 billion in direct and $21.3 billion in indirect exposure, up $8 billion from Q1.
This places the company among the largest holders of U.S. government debt.
Shareholder equity remained at approximately $5.47 billion. Tether reported Q2 net profit of about $4.9 billion, with $5.7 billion in profit for the first half of 2025.
This includes $3.1 billion in recurring income and $2.6 billion from mark-to-market gains on Bitcoin and gold.
The company said it has reinvested a large portion of its recent earnings into long-term initiatives, including XXI Capital and Rumble, and has allocated around $4 billion to U.S.-based projects.
Tether reported continued USD₮ usage in over 150 countries, particularly in areas with limited banking access, serving fintechs, exchanges, individuals, and governments.
As of June 30th, 2025, Tether reported:
- Total assets: at least $162.57 billion
- Total liabilities: approximately $157.11 billion, mostly tied to issued digital tokens
- Assets exceed liabilities
- Proprietary investments in AI, renewable energy, and communications are not included in USD₮ reserves
Tether CEO Paolo Ardoino stated: “Q2 2025 affirms what markets have been telling us all year: trust in Tether is accelerating. 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.”
Ardoino added: “As regulators formalize frameworks for digital dollars, Tether stands as a live, proven model of what stablecoin innovation can achieve: transparency, resilience, and massive global reach. USD₮ is helping billions access the stability of the U.S. dollar, and that mission has never been more urgent or more relevant.”