Tether has reported its highest ever quarter, with a $4.9 billion profit for Q2 2025 — a 277% increase on Q2 2024. The increase comes as stablecoins are ever more accepted by mainstream as global regulatory clarity continues to rise.
Since the first half of 2025, Tether has earned a total of $5.7 billion, which is a 9.6% increase compared to the $5.2 billion it earned in the first half last year.
USDt Reigns Supreme as Market Demand Grows
Tether’s flagship, USDt — its US dollar-pegged stablecoin — is still in the lead. Through the end of July, USDt constitutes 61.7% of all stablecoin worth with a market capitalization of $164.5 billion, according to DefiLlama.
Tether Becomes a Top US Treasury Holders
The company had assets of $162.6 billion and liabilities of $157.1 billion as of June 30. Most of the liabilities arise from issuing tokens.
In Q2, Tether boosted its US Treasury holding to $127 billion, surpassing South Korea and becoming the 18th-largest US debt holder.
Speeding-up rivals
The action comes after the GENIUS Act — a rising US legislation moving to make the dollar stronger in international digital terms. The report quoted the coincidence of action by Tether with efforts by US policymakers to reinforce the dollar’s grip.
Tether is not the only game in town. Circle, which issues USDC, went public in June of 2025. Stock soared from $31 to $186.83 in a few weeks.
In other news, PayPal paid a 3.7% dividend on its stablecoin in April. Politically, Trump-backed World Liberty Financial launched its own stablecoin and invested $10 million in infrastructure builder Falcon Finance.
Global Stablecoin Activity Picks Up
The US has its first legal framework for issuers and stablecoins in the form of the GENIUS Act, signed in July by President Trump.
It is a different story in Europe, though. Officials there are raising alarms. ECB adviser Jürgen Schaaf warned that without EU-wide regulation, dollar-pegged stablecoins risk taking over regional currencies. In response, Deutsche Bank, Galaxy, and Flow Traders launched a euro-backed stablecoin on Ethereum last Thursday.
