Tether Surpasses Nations as Top 20 U.S. Treasury Holder With $127B Exposure

Tether, the dominant stablecoin issuer, has emerged as one of the largest holders of U.S. Treasury securities globally, with $127 billion in direct and indirect holdings of U.S. Treasuries as of June 30, 2025 [1]. This places the company ahead of several countries, including Germany, in total U.S. debt ownership and among the top 20 holders of U.S. Treasury securities. The figure has increased by $8 billion since the previous quarter [1].

Tether’s second-quarter 2025 attestation report, conducted by global accounting firm BDO, revealed a net profit of $4.9 billion and a total asset value of $162 billion, with liabilities slightly above $157 billion [1]. The report confirmed the company’s robust asset backing for its USDT stablecoin and highlighted its growing financial strength and solvency.

The stablecoin’s circulating supply reached $157 billion by the end of June 2025, a $20 billion increase since the start of the year, with $13.4 billion issued in Q2 alone [1]. Tether CEO Paolo Ardoino emphasized that the company is “shaping global demand,” not just keeping pace with it, as evidenced by the $127 billion in U.S. Treasury exposure and growing reserves in bitcoin and gold [1].

Tether’s Q2 profit was composed of $3.1 billion in recurring operations and $1.8 billion in gains from bitcoin and gold holdings. The company’s first-half profit totaled $5.7 billion, with nearly $4 billion allocated to U.S.-based initiatives, including technology, data infrastructure, and media projects [1]. These investments aim to support long-term operations and expand foundational infrastructure within the U.S.

Analysts have highlighted the significance of Tether’s financial scale. Gregory Cowles of Intellistake.ai noted that “when a stablecoin issuer starts to rival sovereign holders of debt, it shifts the conversation entirely,” adding that Tether’s model is not merely surviving but thriving at scale [1]. Connor Howe of Enso, a DeFi liquidity platform, also emphasized Tether’s influence in global crypto adoption, calling the $4.9 billion profit a clear indicator of its market impact [1].

Beyond U.S. Treasuries, Tether has bolstered its gold reserves to $8 billion, stored in a private Swiss vault that CEO Ardoino described as “the most secure vault in the world” [1]. These reserves are positioned as a hedge against potential fiat instability and rising U.S. debt concerns. Tether is also preparing for a renewed push into the U.S. market following the enactment of the GENIUS Act, which introduces federal oversight for stablecoin issuers and mandates stricter reserve disclosures [1].

The company is positioning itself as a viable private-sector solution to meet regulatory objectives while expanding its role in institutional payments and interbank settlements. As stablecoin usage continues to rise, with monthly settlement volumes reaching $1.39 trillion and USDT commanding over 62% of the stablecoin market, Tether’s financial and strategic moves underscore its central role in the evolving digital finance landscape [1].

Source: [1] Tether Now Among Top 20 Holders of U.S. Treasuries With $127B Exposure (https://cryptonews.com/news/record-127b-tether-treasuries-ahead-of-nations/)