Tether International, S.A. de C.V. (TI) today published its Q2 2025 attestation, completed by BDO, a top-five global independent accounting firm. The report confirms the accuracy of Tether’s Financial figures and Reserves Report (FFRR) and provides a transparent, detailed view of the assets backing USD₮ as of June 30, 2025.

Q2 2025 marked a new chapter in Tether’s global expansion, with over $13.4 billion USD₮ issued, bringing the circulating supply to more than $157 billion (a $20 billion increase year-to-date). This continued growth signals not only the accelerating adoption of USD₮ but also a deepening trust in Tether as the most stable, transparent, and resilient digital dollar instrument in the world.

Total exposure to U.S. Treasuries – including $105.5 billion in direct holdings and $21.3 billion owned indirectly – exceeded $127 billion (~$8 billion increase compared to Q1 2025) at the end of Q2 2025, placing Tether among the largest holders of U.S. government debt globally. This milestone comes at a time when U.S. policymakers, through the GENIUS Act, have taken decisive steps to solidify the dollar’s global leadership in digital form. Tether’s reserves composition exemplifies how private innovation can align with public monetary goals, serving as a conduit for secure, onchain access to U.S. dollar liquidity at scale.

Meanwhile, shareholder capital in the company managing the reserves remains stable compared to the previous quarter at approximately $5.47 billion, reinforcing Tether’s strong solvency profile and long-term sustainability. These excess reserves serve as a buffer against market shocks and underscore Tether’s capacity to operate safely and independently across market cycles.

Tether’s profitability also underscores the strength of its business model. Net profit for Q2 2025 totaled approximately $4.9 billion, bringing the total for the first six months of the year to $5.7 billion. Year-to-date, TIL generated $3.1 billion in recurrent profits, excluding mark-to-market contributions from gold and bitcoin, which added another $2.6 billion – further highlighting the operational strength and revenue consistency of the company.

Building on the strength of its equity buffer and continued profitability, Tether has reinvested a substantial portion of its recent earnings into long-term strategic initiatives. In fact, the company has directed more capital into these efforts over the past six months compared to previous months  – a testament to both its financial position and its commitment to foundational infrastructure. Key initiatives include XXI Capital, the investment in Rumble (including the development of the Rumble Wallet), which reflects Tether’s focus on innovation across finance, data, and digital freedom. Among its global profits reinvestment strategy, the U.S. positions itself as the leading country with ~$4 billion deployed already to date in the domestic ecosystem.

In an era where access to trusted, programmable dollars is reshaping global finance, Tether’s performance in Q2 reflects both operational discipline and rising relevance. USD₮ continues to drive commerce, remittances, and innovation in more than 150 countries – often in areas where traditional banking access is limited or unreliable. From fintechs and exchanges to individual users and governments, Tether is the digital infrastructure for an open, dollar-based global economy.

As of June 30, 2025, the Management of the Company asserts the following:

• The Company’s total assets amount to at least $162,574,933,798
• The Company’s total liabilities amount to $157,108,009,474, of which $157,100,255,857 relate to digital tokens issued
• The Company’s assets exceed its liabilities
• The Company’s proprietary investments through Tether Investments in emerging sectors such as artificial intelligence, renewable energy, and communications infrastructure are not included in the reserves backing issued tokens

Paolo Ardoino, CEO of Tether, commented:

“Q2 2025 affirms what markets have been telling us all year: trust in Tether is accelerating. With over $127 billion in U.S. Treasury exposure, robust bitcoin and gold reserves, and over $20 billion in new USD₮ issued, we’re not just keeping pace with global demand, we’re shaping it.”

“As regulators formalize frameworks for digital dollars, Tether stands as a live, proven model of what stablecoin innovation can achieve: transparency, resilience, and massive global reach. USD₮ is helping billions access the stability of the U.S. dollar,  and that mission has never been more urgent or more relevant.”

For more information, please refer to the latest Financial Figures and Reserves Report and attestation here.