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Tether reports over $10B profit in 2025 and $135B in U.S. Treasuries, cementing its dominance in stablecoins.
Author: Tanishq Bodh
October 31, 2025 – Tether has once again redefined the scale of profitability in crypto. In its Q3 2025 attestation report, the world’s largest stablecoin issuer revealed net profits exceeding $10 billion for the first nine months of the year, a milestone that highlights both its dominance and resilience amid volatile global markets. The report, verified by accounting giant BDO, shows Tether’s balance sheet stronger than ever, backed by massive reserves and record exposure to U.S. Treasuries.
According to the attestation, Tether’s total reserves reached $181.2 billion, comfortably exceeding $174.4 billion in liabilities.
Its $6.8 billion in excess reserves serves as a strong safety margin, reinforcing the token’s 1:1 redeemability. The firm’s portfolio is dominated by $135 billion in U.S. Treasuries, making Tether the 17th-largest holder of U.S. government debt, surpassing many sovereign states.
Tether’s profits stem largely from interest yields on its reserves. In Q3 alone, over $17 billion in new USD₮ entered circulation, lifting supply beyond $183 billion. This surge mirrors rising adoption across emerging markets and DeFi ecosystems, where stablecoins have become key to global liquidity.
Despite its staggering earnings, Tether continues to face scrutiny. Critics argue that attestations aren’t equivalent to full audits, leaving questions about the depth of reserve verification.
However, the company’s decision to publish quarterly BDO-reviewed reports has eased much of the market skepticism.
CEO Paolo Ardoino defended Tether’s position, stating that “transparency and strength define our foundation.” He also confirmed a share buyback initiative, with discussions involving Ark Invest and SoftBank for a potential $20 billion private placement a bold bet on long-term growth.
The firm also settled its Celsius litigation using company funds, not reserves, preserving tokenholder confidence.
Tether’s success underscores its role as the backbone of the digital dollar ecosystem. Its reserves include $12.9 billion in gold and $9.9 billion in Bitcoin, representing about 13% of total holdings, a diversification that cushions against traditional market risks.
As USDC struggles to regain market share, USD₮ continues to lead with unmatched liquidity and usage across 500 million users worldwide. Industry analysts suggest Tether’s vast U.S. Treasury exposure and stablecoin demand could fuel the next crypto bull cycle, especially alongside upcoming Bitcoin ETF inflows and the 2026 halving.
With global inflation still high, Tether’s model, part-fintech, part-central bank is thriving. In the words of one analyst, “Tether isn’t just stable anymore. It’s systemically significant.”
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