Tether now holds $127 billion in US Treasury bonds, surpassing South Korea and closely following Saudi Arabia, making it one of the largest creditors of the United States.
USDT witnessed a $26 billion increase in supply in 2025, reaching a market capitalization of $163.6 billion, driven by explosive global demand for stablecoins.
Tether, with its record profits and innovative operations, is becoming a true macro-financial infrastructure at the heart of the global monetary system.
Tether unveils an impressive new financial statement
With $127 billion now held in Tether’s US Treasury bonds, the issuer of the USDT stablecoin rises to 18th place globally, ahead of economic powers like South Korea or Germany.
The global demand for stablecoins is skyrocketing in 2025. In just six months, USDT supply has swelled by $26 billion, bringing its total market cap to $163.6 billion. As a result, Tether is not just dominating crypto. It is becoming a global macroeconomic player.
A private financial power at the heart of US debt
With $105.5 billion in direct US Treasury bonds and an additional $21.3 billion through indirect channels, Tether is now one of the largest creditors of the United States. Larger than South Korea ($124.2B), almost equal to Saudi Arabia ($127.7B), and ahead of nations like Norway, India, or Brazil.
Just two months ago, Tether surpassed Germany. Since then, its reserves have increased by $7 billion. And every dollar of issued stablecoin reinforces this growing power.
In other words: a private crypto company holds more US debt than some G20 countries.
A market that validates Tether
The growth of USDT in 2025 speaks for itself: +19% since January. That’s $26 billion more tokens injected into the global digital economy. Behind these figures, there is a growing confidence in the stability of USDT… and in Tether’s ability to uphold its commitments.
The message to the market is clear: Tether’s reserves are not just a promise, they are backed by top-tier assets, the same ones held by central banks.
And in a context where regulation is solidifying on stablecoins, this voluntary transparency becomes a strategic advantage.
Paolo Ardoino’s punchline
The CEO of Tether, Paolo Ardoino, didn’t hesitate to celebrate this new milestone on X (formerly Twitter), sharing a meme with a well-placed “told you so“. In the Q2 attestation report, he drives the point home:
The second quarter of 2025 confirms what the markets have been telling us since the beginning of the year: confidence in Tether is accelerating.
What it means for crypto
Behind the financial performance, the geopolitics of crypto-assets is evolving. USDT is becoming a gateway to the dollar for millions of users worldwide. And Tether, by heavily relying on T-Bills, is entering the big leagues, where global monetary balances are decided.
A stablecoin? No. A full-fledged financial infrastructure.
