Mike Smith
20 hours ago
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For the second quarter of 2025, the issuer of the largest stablecoin announced a net profit of $4.9 billion, almost tripling the result for the same period last year. This jump is attributed to a $13 billion increase in USD₮ turnover and widening margins on short-term Treasury securities. The revaluation of gold and bitcoin had an additional effect, but the main driver was the need of global payment platforms and marketplaces for a fast digital dollar.
A fresh attestation confirmed $162.5 billion in reserves against $157.1 billion in liabilities, forming a buffer of $5.4 billion. More than $127 billion is placed in short-term U.S. Treasury Department bonds, minimizing credit risk and providing a steady coupon. For the first time the company disclosed the overnight repo portfolio and the share of commercial paper, specifying that illiquid assets occupy less than 6%.
The GENIUS Act passed in July, which established uniform regulations for stablecoins, paved the way for Tether to make a full-fledged return to the U.S. market. Management has already announced the creation of a special USD₮ version by December with direct reporting to FinCEN and weekly reserve summaries. Pension and insurance funds see the move as a signal of readiness to incorporate the digital dollar into classic cash funds and payroll projects.
On the wave of regulatory clarity, startup Stable has raised $28 million for its own network, in which USD₮ will become a native gas asset. The developers promise transaction finalization in 0.8 seconds and guaranteed blockchain for corporate clearing. The first pilot customers - Asian electronics exporters - expect to reduce bank fees by a third and speed up raw material settlements to twenty seconds.
Since the beginning of the year, 20 billion USD₮ has come into circulation, and the token's share of the digital dollar segment is holding at 71%. The growth was facilitated by agreements with payment networks in Latin America, where merchants accept the coin through terminals with an NFC module. At the same time, the issuer invested $4 billion in renewable energy and satellite communications projects in an effort to reduce infrastructure dependence on centralized data centers and ensure the stability of network nodes.
While the big banks are bringing competing solutions to market, the company is increasing its liquidity buffer by keeping its coverage ratio above 104%. Approved USD₮ cash flow derivatives allow institutions to hedge credit risk without going into fiat, and the emergence of sub-second confirmation networks is turning stablecoin into the de facto settlement layer of global fintech. As a result, every pause in issuance can trigger a shortfall, so investors are closely watching every new issuer report.
