Tether freezes €460M tied to alleged Turkish betting and laundering network
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Tether Scales Back Ambitious Fundraise After Investor Resistance
Tether moved away from plans to secure up to $20 billion in new capital after prospective backers balked at the headline valuation and deal size, citing reserve composition and auditability concerns. The issuer remains highly profitable — reporting roughly $10 billion in 2025 net income — and has shifted reserves toward U.S. Treasuries and large gold accumulations while launching an onshore product (USAT) to court U.S. institutional allocators.

Tether posts $10B in 2025 profits as US Treasury exposure and USDT supply climb
Tether reported roughly $10 billion in net profit for 2025, down about 23% from 2024, while boosting direct U.S. Treasury holdings to more than $122 billion and issuing roughly $50 billion of new USDT over the prior 12 months. The issuer also intensified purchases of physical gold—at a pace the company says can reach about two tonnes per week, pushing inventories toward the low hundreds of tonnes—and is pursuing an onshore, federally chartered product (USAT) issued via Anchorage Digital Bank to target U.S. institutional markets.

