Tether International said Friday that its year-to-date net profit for the first three quarters of 2025 has surpassed $10 billion, an extraordinary result that the company said was confirmed in a Q3 attestation prepared by BDO. The attestation, which accompanies Tether’s Financial Figures and Reserves Report as of September 30, 2025, lays out in detail the company’s assets, liabilities and excess reserve buffer as the issuer moves to expand its digital-dollar ecosystem.
The report shows Tether issued more than $17 billion of new USD₮ during the third quarter alone, bringing circulating USDT supply to well over $174 billion by the end of September. Management said the company now counts more than 500 million users worldwide and continues to invest in technologies ranging from AI and renewable energy projects to peer-to-peer communications, initiatives it described as attempts to provide stability and utility to communities through both finance and technology.
A striking feature of the attestation is Tether’s exposure to U.S. government debt. The company reported total direct and indirect holdings of U.S. Treasuries of roughly $135 billion, an all-time high that, by Tether’s reckoning, would place the firm ahead of several sovereign holders and around 17th on the list of U.S. Treasury investors if it were counted alongside national governments. Tether framed the Treasury allocation as part of a conservative reserve strategy designed to combine liquidity with safety amid an uncertain macroeconomic backdrop.
Tether’s reserves include substantial allocations to gold and Bitcoin (BTC) as well: the attestation lists gold holdings worth $12.9 billion and Bitcoin positions valued at $9.9 billion, which the company says together represent about 13% of total reserves. The difference between the value of assets composing the reserves and the company’s liabilities stood at roughly $6.78 billion as of September 30, an excess buffer figure management highlighted as a cushion for token holders.
Enhanced Trust and Strength
Beyond balance-sheet metrics, the firm disclosed several strategic moves. In October, Tether said it settled litigation with Celsius using proprietary investment capital and emphasized that the settlement did not touch the reserves backing tokens in circulation. The group also announced a share buyback initiative and indicated prospective participation by institutional investors in a private placement. Separately, Tether Holdings has applied for an Investment Fund License in El Salvador under the country’s new private alternative investment fund law, an effort the company described as part of a broader push to formalize and expand its institutional footprint.
Paolo Ardoino, Tether’s CEO, described the Q3 results as a demonstration of “continued trust and strength” behind the firm’s model. “Q3 2025 results reflect the continued trust and strength behind Tether, even amid a global challenging macroeconomic environment, reinforcing Tether’s brand as the ‘Stable Company,’” Ardoino said in the release, noting the company’s record Treasury exposure and its role as a high-liquidity digital dollar.
The numbers are expected to intensify debate about the role and scale of stablecoin issuers within the broader financial system. Tether’s growing Treasury holdings, enormous circulating supply and high reported profitability sharpen long-standing questions about concentration, counterparty risk and how stablecoin issuers manage liquidity through changing interest-rate and credit cycles.
Analysts watching the space also note that competing stablecoins have been growing on some on-chain metrics, even as USDT remains dominant by absolute supply. Tether’s attestation materials, including the detailed figures and the BDO-prepared report, are publicly available through the company’s transparency pages and accompany the Financial Figures and Reserves Report for those seeking the full breakdown. For more information, please refer to the latest Financial Figures and Reserves Report from the company.
