Daniel Kuhn / The Block : Tether says it generated over $10B in net profits in 2025, down from $13B+ in 2024, and says it holds $193B in assets backing the $186B USDT in circulation —  Partner offers  —  Quick Take  — The stablecoin issuer now holds $193 billion in assets backing the $186 billion USDT in circulation, primarily in U.S. Treasuries.