Stablecoin issuer Tether International reported a record net profit of about $4.9 billion for the second quarter of 2025, lifting earnings for the first half of the year to $5.7 billion. The figures were disclosed in an attestation completed by accounting firm BDO and cover the period ended 30 June. Income was powered by higher yields on $127 billion of U.S. Treasuries—$105.5 billion held directly—and by roughly $2.6 billion of mark-to-market gains on the company’s Bitcoin and gold reserves. Tether held 83,254 Bitcoin valued at about $8.9 billion and gold worth roughly $8.7 billion at quarter-end. The report showed total assets of $162.6 billion backing 157.1 billion USD₮ tokens in circulation, leaving excess reserves of $5.47 billion. Tether has issued $20 billion of new stablecoins since the start of the year, making it one of the largest non-sovereign holders of U.S. government debt at a level comparable to Saudi Arabia’s Treasury portfolio. Chief Executive Officer Paolo Ardoino said the results demonstrate accelerating demand for dollar-pegged tokens and signaled plans for a U.S.-focused product suite following the passage of the GENIUS Act. Tether is channeling part of its earnings into infrastructure and venture investments, including stakes in XXI Capital and video platform Rumble.