Recently, the stablecoin industry leader Tether announced its financial report for the second quarter of 2025, showing strong development momentum. The report was audited by the internationally renowned accounting firm BDO, providing strong support for its credibility.

According to data, the issuance of USDT in the second quarter exceeded 13.4 billion USD, which caused the circulating supply to rise above 157 billion USD. Since the beginning of the year, the supply of USDT has increased by 20 billion USD, with an astonishing growth rate, further consolidating its leading position in the stablecoin market.

In terms of asset allocation, Tether has significantly increased its holdings in U.S. Treasury bonds. As of the end of the second quarter, it directly held $105.5 billion in U.S. Treasury bonds and indirectly held $21.3 billion, totaling over $127 billion, an increase of about $8 billion compared to the first quarter. This scale of holdings places Tether among the largest holders of U.S. Treasury bonds globally, comparable to some sovereign nations.

Tether's profitability is also remarkable. The net profit for the second quarter is approximately $4.9 billion, with a cumulative net profit of $5.7 billion for the first half of the year. Looking back at the full-year performance of 2024, Tether's net profit is approximately $13 billion, with $7 billion from U.S. Treasury investments, about $5 billion from gains in gold and Bitcoin, and $1 billion contributed by other traditional investments, showcasing strong profitability.

However, with the implementation of the US GENIUS Act, Tether also faces new challenges. The Act requires that stablecoin reserve assets must consist of 100% US dollar cash or short-term US Treasury bonds maturing within 93 days. Currently, Tether's USDT compliance rate is approximately 84.1%. Although there is a 3-year transition period, failing to meet the standards may affect its entry into the US market.

Nevertheless, considering Tether's strong financial strength and substantial profits in 2024, the industry generally believes that it has the ability to make necessary adjustments to meet new regulatory requirements. In the future, whether Tether can successfully respond to regulatory challenges while maintaining its leadership position in the stablecoin market will become a focal point of attention in the cryptocurrency industry.