Tether 2025 Financial Report Analysis - Challenges, Opportunities, and Risks Coexist

Today, Tether also released its financial report, which includes a total profit exceeding $10 billion for 2025. This figure looks very large and enticing, but compared to over $13 billion in 2024, Tether's annual profit has decreased by 23%.

Tether's main source of profit comes from the interest income generated by holding a large amount of U.S. Treasury bonds. In 2025, the holdings reached $122.3 billion (accounting for about 63% of total assets), an increase of about 29% from $94.5 billion in 2024. Cash equivalents such as overnight and term reverse repurchase agreements also grew from about $17.4 billion in 2024 to about $24.9 billion in 2025. However, multiple interest rate cuts by the Federal Reserve in 2025 led to a decline in yields, directly compressing profit margins.

Some friends mentioned that the decline in Tether's profits might also be due to the drop in $BTC prices, but in reality, Tether's holdings of Bitcoin in 2025 valued at $8.4 billion increased compared to $7.8 billion in 2024, indicating that Tether increased its BTC holdings in 2025.

Additionally, Tether's holdings in precious metals (including gold) rose to $17.45 billion in 2025, a growth of about 229% compared to $5.3 billion in 2024. The significant rise in precious metals in 2025 also provided Tether with substantial returns, but on the other hand, the returns from U.S. Treasury bonds are actually lower.

This is also the dilemma currently faced by $CRCL, but Tether still has precious metals to boost returns. In contrast, CIRCLE, which only holds U.S. Treasury bonds and cash, has become more compliant but has yet to find a better way to increase returns.

Moreover, it is more important to note that in 2025, compared to 2024, Tether's stable assets (U.S. Treasury bonds, cash, etc.) decreased from 82.35% to 76.31%, while non-stable assets (precious metals, Bitcoin, etc.) increased from 17.65% to 23.69%.

In fact, as a stablecoin, Tether's systemic risk is increasing. Currently, Tether's excess reserve funds stand at $6.33 billion. If gold and/or Bitcoin were to decline, Tether's risk exposure would be increasing. Of course, this possibility is relatively low, but it is not 100% nonexistent, and there is no need for concern at this time.

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