Tether's Financial Milestones and Legal Challenges in 2025
By: Eva Baxter
Tether, the dominant stablecoin issuer, has reported significant financial achievements for the second quarter of 2025, highlighting its growing influence on global financial markets. In its latest quarterly attestation, Tether announced that it has issued over $20 billion worth of USDT since the beginning of the year, pushing its total circulation beyond $157 billion. The company has also significantly increased its exposure to U.S. Treasuries, rising from $105.5 billion to over $127 billion, positioning itself as one of the largest non-sovereign holders of U.S. government debt.
The increase in U.S. Treasury holdings reflects a strategic move to maintain robust reserves backing its stablecoin in circulation. Speaking on the financial milestone, Tether's CEO, Paolo Ardoino, emphasized the market's increasing trust in the company and its stablecoin, which has led to the significant issuance of new USDT. He highlighted Tether's substantial reserves, including gold and Bitcoin, and noted their role in shaping global demand rather than merely meeting it.
Tether reported a net profit of $4.9 billion for Q2 2025, culminating in a year-to-date total of $5.7 billion. A significant portion of this profit was derived from recurring operational income, along with mark-to-market gains from its gold and Bitcoin holdings. Despite its financial prowess, Tether faces ongoing legal challenges, notably a class-action suit related to the 2018 Bitcoin market downturn and proceedings involving the bankruptcy of crypto lender Celsius. The firm has not yet allocated financial provisions for these cases, as potential outcomes remain uncertain.
Additionally, Tether continues to invest heavily in long-term infrastructure projects within the U.S., with over $4 billion already committed to ventures like XXI Capital and Rumble. These initiatives underscore Tether's commitment to reinforcing its market position while expanding its influence within the financial ecosystem. As Tether navigates both its growth trajectory and legal hurdles, its strategies will be closely monitored by investors and market analysts alike.
