Tether's net profit in the first half of 2025 reached US$5.7 billion, and USDT circulation exceeded US$157 billion.
According to TechFlow, Tether issued an additional 6 billion USDT in July of this year. Its Q2 2025 financial report shows that as of June 30, USDT circulation exceeded $157 billion, a $20 billion increase year-to-date.
The financial report shows that Tether holds a total of $127 billion in U.S. Treasury bonds, of which $105.5 billion is held directly and $21.3 billion is held indirectly, an increase of $8 billion from the first quarter. Net profit in the second quarter was $4.9 billion, and total profit in the first half of the year was $5.7 billion, of which $3.1 billion was recurring profit.