Tether’s annual profit drops 23% in midst of fundraising

Published Sat, Jan 31, 2026 · 12:16 PM

Tether posted a US$10 billion profit in 2025, down 23 per cent from the previous year, as the world’s biggest stablecoin issuer launched a fundraising process that would make it one of the most highly valued private companies.

Tether did not explain moves in profit or revenue in a statement released on Friday (Jan 30). It declared US$13 billion in profit the prior year.

Tether issues digital tokens, then puts the funds it receives into assets aimed at keeping its USDT stablecoin in line with the US dollar. It invests the reserves into a wide into a wide range of assets, including cryptocurrencies. Those digital coins have faced a downturn since October, but because Tether’s disclosures are limited it’s hard to parse what caused its annual profit decline.

The figures are reviewed by a firm called BDO, but not comparable to regulated companies that are subject to more standardised audits.

USDT is the largest stablecoin, with over US$185 billion in circulation. It’s used widely by crypto traders and in developing countries where their own currencies are volatile or subject to sanctions.

“What matters about 2025 is not just the scale of growth, but the structure behind it,” said Tether chief executive officer Paolo Ardoino said. “USDT expanded because global demand for dollars is increasingly moving outside traditional banking rails, particularly in regions where financial systems are slow, fragmented, or inaccessible.” BLOOMBERG

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