Tether Holdings Limited has achieved a remarkable financial milestone in Q2 2025, with its latest attestation report revealing the company now holds enough US Treasury securities to rank as the 18th largest holder globally. The stablecoin issuer’s Treasury portfolio now exceeds those of major economic powers like Brazil, Spain, and Australia, as well as sovereign wealth funds from oil-rich nations.
The report shows Tether’s reserves grew by $12.5 billion in Q2 alone, bringing its total US Treasury holdings to approximately $102 billion. This explosive growth comes as USDT’s market capitalization continues to dominate the stablecoin sector, now representing over 68% of all stablecoin value in circulation. The company attributes this success to growing institutional adoption and its expanding role in global dollar liquidity markets.
Financial analysts note Tether’s Treasury holdings now rival those of mid-sized central banks, giving the cryptocurrency company unprecedented influence in short-term debt markets. While critics continue to question the opacity of Tether’s operations, the Q2 report shows 90% of reserves held in cash or cash equivalents, with the Treasury portfolio consisting primarily of short-dated bills maturing in less than 90 days. This conservative approach has helped maintain USDT’s dollar peg despite market volatility.
