Tether released its Q2 2025 business report last night. The key points are as follows:

1. An audit report completed by the independent accounting firm BDO confirms that Tether's financial data and reported reserves (FFRR) are accurate as of June 30, 2025, with total assets of $162,574,933,798 and total liabilities (token issuance is considered a liability) of $157,108,009,474, indicating that assets exceed liabilities.

2. In the second quarter of 2025, Tether will issue an additional $13.4 billion in USDT, bringing the total amount of USDT in circulation to over $157 billion (an increase of $20 billion during the year).

3. As of the end of the second quarter, Tether's total exposure to U.S. Treasury bonds reached $127 billion (an increase of $8 billion from the first quarter), including $105.5 billion in direct holdings and $21.3 billion in indirect holdings, making Tether one of the world's largest holders of U.S. Treasury bonds.

4. The company's shareholder capital managing the reserve remained stable at approximately $5.47 billion (the same as the previous quarter), further consolidating Tether's solvency and long-term sustainability.

5. Net profit in the second quarter of 2025 reached $4.9 billion, bringing the cumulative profit in the first half of the year to $5.7 billion. Recurring profits (excluding gains from fluctuations in the market value of gold and Bitcoin) contributed $3.1 billion, while another $2.6 billion came from increased valuations of gold and Bitcoin holdings.