January 31st. USD stablecoin USDT issuer Tether announced on Friday that it expects to achieve a net profit of over 10 billion US dollars for the full year 2025. This strong performance is attributed to the steady growth of its flagship token and its ongoing holdings of US Treasury bonds and gold positions.The fourth-quarter attestation report, signed by the Italian accounting firm BDO Italy, shows that Tether holds excess reserves of 6.3 billion US dollars, providing a buffer for its 186.5 billion US dollars in outstanding tokens. The circulating supply of USDT has increased by 50 billion US dollars in the past year, with a total supply surpassing 186 billion US dollars.The company continues to hold US Treasury bonds, with a direct exposure of 122 billion US dollars, totaling 141 billion US dollars when including overnight repurchase agreements. This positions Tether as one of the largest holders of US government debt globally.Tether also maintains significant allocations to gold and Bitcoin, with the report showing holdings of 17.4 billion US dollars in gold and 8.4 billion US dollars in Bitcoin. According to a Bloomberg interview with Paolo Ardoino earlier this month, the company has been purchasing physical gold at a rate of up to two tons per week, with monthly purchase amounts potentially exceeding 1 billion US dollars at this pace.Furthermore, Tether's investment portfolio (managed separately from reserve assets) is valued at 20 billion US dollars.