Tether Holds $6.3 Billion Excess Reserves Despite Equity Decline in 2025

Tether disclosed its year-end 2025 financial results on December 31, revealing $6.34 billion in excess reserves despite a decline in net equity, according to the company’s latest financial report.

Tether reported a $10.106 billion income in 2025 paid out $10.855 billion in dividends last year, resulting in a decrease in its shareholder equity to $6.338 billion compared to $7.087 billion as of year-end 2024. The report shows a significant increase in its balance sheet and its issuance costs as its USDT supply continues to grow.

As of December 31, 2025, Tether held $192.878 billion in its reserve assets against $186.540 billion in liabilities, maintaining full backing for USDT and a multi-billion-dollar overcollateralization buffer. The reserves structure remains heavily weighted toward liquid assets.

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Tether Treasury Holdings Reach Record Highs

Tether’s circulating supply surpassed $186 billion as of year-end 2025 after a new supply of nearly $50 billion. U.S. Treasury securities reached a record high of $141 billion, including direct holdings and overnight reverse repurchase agreements.

Tether’s exposure to U.S. Treasuries reached a record $141 billion, including direct holdings and overnight reverse repurchase agreements, positioning the company among the world’s largest holders of U.S. government debt. Treasury securities, its reserve assets also comprise $17.4 billion worth of Bitcoin and significant gold holdings.

Regulatory authorities worldwide are tightening regulations on companies’ capital bases and reserve assets under regulations like the MiCA rules of the European Union. Tether’s capital base and reserve assets play a crucial role in its credibility as a leading stablecoin like USDT.

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