In its Q4 2025 attestation, prepared by the accounting firm BDO, Tether reported more than $10 billion in annual profit, about $6.3 billion of excess reserves, and a record $141 billion of exposure to US Treasuries, making it one of the world's largest holders of US government debt.
Reporting also noted Tether held roughly $17 billion in gold and around $8 billion in bitcoin, as the supply of its USDT token grew sharply through the year.
Transparency versus a full audit
Tether's scale gives it outsized influence over crypto liquidity, and its results underline how profitable a well-reserved stablecoin can be. Yet critics continue to draw a distinction between a periodic attestation and a full, ongoing financial audit, a gap that keeps the transparency debate alive even in a record year.