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.
Profitable and still opaque
Reserve income at this scale would make the issuer a significant holder of short-term government debt by any measure. Attestation is not audit, and the gap remains the sector's largest unresolved disclosure question.
Composition has demonstrably improved over several years. Acknowledging that is not the same as accepting the reporting standard.
