Tether reported a profit of $5.7 billion in the first half of 2025, planning to return to the US market with a new stablecoin model in Q4.
Tether is preparing to re-enter the US market with a separate stablecoin solution alongside USDT, while achieving a profit of $5.7 billion and holding $127 billion in US Treasury bonds in the first half of 2025.
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Tether's net profit reached $5.7 billion thanks to a business model based on US government bond reserves.
Tether plans to launch a specialized stablecoin for the US market by the end of 2025, separate from the current USDT.
USDT continues to lead the global stablecoin market with a capitalization exceeding $163.6 billion, far ahead of the competitor USDC.
Who is Tether and why is it attracting attention in 2025?
Tether is the largest stablecoin issuer in the world today, attracting attention with its record profits and preparing to re-enter the US market with a new product amid tightening regulations.
In the first half of 2025, Tether's net profit reached $5.7 billion, primarily due to interest income from its massive US Treasury bond portfolio totaling $127 billion. According to the Q2 2025 report, Tether continues to assert its number one position in the stablecoin sector and plays a significant role in the global cryptocurrency ecosystem.
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.
USDT reserves report, Tether, Q2 2025.
Tether's plan to re-enter the US market in Q4 2025 while launching a new stablecoin product targeting institutional clients has drawn significant interest from both the traditional finance industry and the global cryptocurrency investment community.
What is Tether?
Tether is a prominent global stablecoin issuer, with USDT becoming the largest stable digital asset in the cryptocurrency space.
Tether's USDT is a stablecoin directly pegged to the USD, backed by reserves, primarily consisting of US Treasury bonds and high liquidity assets. Tether currently holds the leading position in the stablecoin market in terms of both market capitalization and trading volume.
According to CoinMarketCap data, USDT holds a dominant market share, maintaining a significant gap over other competitors like USDC thanks to its stability, liquidity, and widespread acceptance.
Why did Tether achieve record profits in the first half of 2025?
Tether's profits surged due to the model leveraging interest from its US Treasury bond reserves, optimizing financial efficiency and risk control.
Specifically, net profits in the first half of 2025 reached $5.7 billion, with Q2 alone accounting for $4.9 billion, primarily from interest obtained on a large volume of US government bonds held to back the value of USDT stablecoin.
The reserves of US Treasury bonds held by Tether amount to $127 billion, making the company one of the largest creditors to the US, demonstrating an effective business model and ability to respond to market challenges.
Paolo Ardoino, CEO of Tether, X.com/August 2025.
The fact that stablecoins like USDT are backed by safe assets has allowed Tether to capitalize on global macroeconomic factors, especially with the Federal Reserve's interest rates being high, optimizing profits for the issuer.
How is Tether preparing to return to the US market?
Tether intends to re-enter the US market in Q4 2025 with a new stablecoin product, completely separate from USDT, aimed at complying with new regulations and serving institutional clients.
According to CEO Paolo Ardoino, Tether will focus on building a stablecoin product suite and optimal payment solutions for the US market, which has already developed and operated extremely efficiently. This initiative is linked to compliance requirements under the recently passed GENIUS Act in the US.
In the next quarter, Tether will focus on developing new projects in the US to build a high-class product suite (including stablecoins) suitable for this already highly developed market.
Paolo Ardoino, CEO of Tether, X.com/August 2025.
The GENIUS Act requires stablecoins to be 100% backed by high liquidity assets such as Treasury bonds or cash, and the issuing organization must register a legal address in the US. Tether asserts that its new product will fully meet these conditions.
How does Tether's new stablecoin model in the US differ from USDT?
Tether's new stablecoin targets the institutional market, potentially integrating yield features, and is completely different from USDT, which serves emerging markets.
CEO Paolo Ardoino emphasizes that the new stablecoin will focus on institutional investors, aiming to serve payment needs, interbank settlements, and high-performance trading activities. USDT, on the other hand, targets emerging markets where there is significant demand for asset protection against inflation and devaluation of local currencies.
The stablecoin product for the US market will focus on serving financial institutions, providing optimized interbank payment solutions and liquidity.
Paolo Ardoino, CEO of Tether, speaking to Bloomberg/August 2025.
The clear difference is that for USDT, all interest generated from bond reserves belongs to Tether. Meanwhile, with the new stablecoin, profit-sharing may be applicable or targeted differently in line with new regulations and the characteristics of institutional customers.
Where does USDT currently stand in the global stablecoin market?
USDT continues to be the largest stablecoin with a market capitalization of $163.6 billion, far surpassing USDC and other competitors, setting a new ATH in mid-2025.
According to the latest data from CoinMarketCap, USDT's market capitalization has surpassed $163.6 billion, creating a gap of over $100 billion compared to the second-ranked stablecoin, USDC ($64 billion). This confirms USDT's dominant position in terms of liquidity, popularity, and its role in DeFi systems, trading, and value protection across multiple continents.
Source: CoinMarketCap.
According to assessments from research firm Kaiko, the continuous growth of USDT's market capitalization acts as a crucial bridge between the digital asset market and traditional ecosystems, while also enhancing competition with other stablecoins.
What changes are coming to the US stablecoin market?
New laws, particularly the GENIUS Act, require stablecoins in the US to have 100% reserves backed by safe and transparent assets, completely innovating the way issuing organizations operate.
With the GENIUS Act in effect, stablecoin issuers in the United States must meet standards: safe asset reserves, financial reporting transparency, and the product must be validated to meet institutional market demands. Tether plans to leverage the new regulations to introduce a new generation of stablecoins tailored to this market.
The GENIUS Act will create a new playing field while eliminating risks for investors and stablecoin users in the US by requiring that the entire issued value be backed by quality assets.
Interpretation from the draft GENIUS Act, US, 2025.
These changes are seen as a positive legal environment for products like Tether's stablecoin, attracting large clients from banks, fintech companies, and traditional financial institutions.
Analyzing Tether's revenue model and benefits from US government bond reserves.
Tether uses US Treasury bond reserves to back its stablecoin, leveraging high interest rates to optimize profits while enhancing transparency credibility with investors.
With $127 billion in US Treasury bonds in its reserve portfolio, Tether not only ensures sufficient liquidity when customers withdraw stablecoins but also earns substantial interest income from bond yields. Combined with a transparent auditing system, Tether builds strong trust within the global crypto community and significantly reduces liquidity risk concerns.
Stablecoin Market Capitalization (billion USD) Main Reserves Net Profit H1 2025 (billion USD) USDT (Tether) 163.6 US Treasury Bonds 5.7 USDC 64 US Treasury Bonds, cash Not disclosed
The data confirms Tether's absolute competitive advantage in the stablecoin segment, both in terms of scale, cash flow stability, and the ability to collaborate with high-standard institutions.
Competition among stablecoins: USDT, USDC, and upcoming trends.
USDT has a dominant presence globally, while USDC focuses on the North American market with strict compliance standards, forecasting increasingly fierce competition as the new regulatory framework is implemented.
USDT flexibly expands into emerging markets, serving a diverse range of general customers with a demand for asset protection against inflation. Meanwhile, USDC, under Circle's management, focuses on developing high compliance solutions, often collaborating with large institutions. When the GENIUS Act takes effect, Tether's new version of USDT will enhance its competitiveness in the institutional segment, which USDC currently dominates.
Overall, the stablecoin market in the US will become dynamic with the entry of new stablecoins from Tether, encouraging product innovation and enhancing transparency demands across the industry.
The significance and wide-ranging impact of Tether's return to the US market.
Tether's return with a new stablecoin in the US will set a new standard for the stablecoin industry, increasing trust for institutions and enhancing capital flow connectivity between the digital asset ecosystem and traditional finance.
The fact that products like Tether's stablecoin are breaking through legal barriers and targeting large institutional clients will play a crucial role in applying DeFi to traditional flows. This also signals the market's expectations for safety, transparency, and compliance for the future of stablecoins.
Stablecoins will serve as the foundation for banks, brokerage firms, and fintech companies to integrate payment solutions and smarter asset management in the era of global financial digitization.
World Economic Forum report, 2025.
In the long term, Tether's actions will stimulate lawmakers in many countries to continue refining regulatory frameworks while accelerating the acceptance of stablecoins into the global financial flow.
Challenges and opportunities for Tether in the US and global markets.
Tether will face challenges in regulatory compliance and fierce competition with notable rivals, but it also possesses advantages in scale, infrastructure, and the number one stablecoin brand.
The new requirements in the US for asset verification and transparent oversight will be a test of Tether's operational capacity and sustainable development direction. In the context of competition with USDC and potential stablecoins from major banks, Tether must continue to maintain and develop a transparent financial model, protecting the rights of institutional and individual customers.
Nevertheless, with advantages in capitalization, a portfolio of safe assets, and superior profits from exposure to US Treasury bonds, Tether has the potential to make new breakthroughs and maintain its leading role in the wave of stablecoin integration from 2025 to 2030.
Lessons learned and trends in stablecoin development from 2025 to 2030.
Tether's record profits, while preparing to re-enter the US market with a new generation of stablecoins, indicate that stablecoins continue to be a growth and innovation driver in the forthcoming digital financial market.
According to assessments from major analytics firms like Chainalysis and Glassnode, the stablecoin market share will increasingly shift toward large institutions with transparent governance, leveraging traditional safe assets like US Treasury bonds or other safe assets. Tether's new product is poised to meet all the criteria to become the new standard for modern stablecoins.
The lesson for investors and institutions is to prioritize stablecoins with strong backing, professional operational teams, and the ability to fully meet global regulatory standards, focusing on transparency, asset safety, and diverse applications.
Frequently asked questions.
What is Tether?
Tether is the largest USDT stablecoin issuer globally, ensuring its price is tightly pegged to the USD through safe asset reserves like US Treasury bonds.
Where does Tether's profit come from?
Tether's profits primarily come from interest on large volumes of US Treasury bonds used to back its stablecoin, helping to optimize financial efficiency.
Why is Tether returning to the US market?
Tether sees great potential from the institutional market in the US and aims to meet the new stablecoin regulations in the US in 2025.
Who is Tether's new stablecoin for?
The new stablecoin targets institutional clients, commercial banks, and large financial groups in the US, not directly serving retail clients.
How has Tether's backing policy changed?
According to the GENIUS Act, newly issued stablecoins in the US must be 100% backed by US Treasury bonds or cash, ensuring asset transparency.
What are the differences between USDT and Tether's new stablecoin?
USDT is for the global market, general users, while the new stablecoin serves exclusively institutional clients in the US with higher compliance features.
How to verify Tether's asset reserves?
Users can check Tether's publicly available reserve reports, which have been regularly audited by independent entities and published on their website.
Source: https://tintucbitcoin.com/tether-lai-lon-sap-ra-stablecoin-moi/
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