Tether adds $20B liquidity in H1, boosts US debt holdings and profits

Tether issued $20B in additional liquidity, boosting the supply on both TRON and Ethereum. To support its stablecoin with cash-like assets, Tether, Inc. is still among the biggest buyers and holders of US debt. 

Tether, Inc. published its H1 attestation, marking some of its growth milestones in 2025. In total, Tether injected $20B in stablecoin liquidity, with new USDT minting on both Ethereum and TRON. Tether reported a total of $162,574,933,798 in assets, above the obligations based on the issued stablecoins.

Tether just released its quarterly attestation for Q2 2025.

Highlights as of 30th June 2025:
* 157.1B total issued USDt, end of Q2 2025.
* 162.5B total assets/reserves, end of Q2 2025.
* 5.47B excess reserves, on top of the 100% reserves in liquid assets that back all issued… https://t.co/bejhVFkMYt pic.twitter.com/XYVmueWZ0G

— Paolo Ardoino 🤖 (@paoloardoino) July 31, 2025

Tether also published its attestation for Q2, prepared by its usual partner, the accounting firm BDO. Q2 was an extremely active period for Tether and its global expansion. Out of the $20B in liquidity, $13.4B was injected in Q2 alone. The acceleration of USDT printing followed the overall trend of mass awareness about stablecoins, as well as sufficient trust in Tether as a resilient issuer.

In H1, the company had not yet retired its USDT on legacy chains, as Cryptopolitan reported earlier in July. The retirement of legacy USDT will only slightly lower the total supply. 

In 2025, the supply of TRON expanded more rapidly, to over 89B tokens. Most of the Tether mints injected multiple tranches of 1B tokens. USDT on Ethereum is still at 79B, growing at a slower pace. Within the crypto space, USDT is most widely used for centralized exchanges, with DeFi being the second largest use case. 

Tether grew its exposure to US treasuries

To support its new USDT emissions, Tether had to grow its exposure to US treasuries. As of June 30, total exposure to US treasuries exceeded $127B, with $8B added in Q2. Tether expanded its global presence while still working toward becoming a MiCA-compliant asset in the EU. The token retained its primacy, with speedier expansion compared to its main rival, Circle’s USDC.

Tether holds $105.5B in direct holdings, with $21.3B owned indirectly. Tether’s reserves showed a mix of private financial innovation and public monetary goals. 

Tether was emboldened to grow the USDT supply, as US lawmakers offered a favorable framework to make the dollar the key metric for crypto trading. The application of the US GENIUS Act, regulating stablecoins, has turned dollar-denominated tokens into the leading source of liquidity. 

Tether posted robust profits in Q2

Tether posted $4.9B in net profits for the second quarter, bringing the total for H1 to $5.7B. The company achieved $3.1B in recurrent profits, excluding additional operations from gold and Bitcoin, which added another $2.6B.

Tether reinvests its profits in a growing portfolio of over 120 large and small companies. In H1, 2025, Tether gained unprecedented exposure to other businesses as a way of diversifying its activity.

Tether directed the most capital into direct investment efforts compared to its previous history, marking a milestone in expanding the crypto infrastructure. Some of the large-scale initiatives include the Bitcoin treasury company XXI Capital and the investment in Rumble and Rumble Wallet. Tether has deployed an estimated $4B of its own retained earnings into the US-based crypto ecosystem. 

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