**Tether International Reports Record-Breaking $10 Billion Net Profit in First Nine Months of 2025**
Tether International, the issuer of the leading stablecoin USDT, has released an attestation report revealing a record-breaking net profit of over $10 billion for the first nine months of 2025. Prepared by independent accounting firm BDO, the report confirms the accuracy of Tether’s Financial Figures and Reserves Report (FFRR) and underscores the company’s growing financial footprint as one of the most profitable privately controlled firms worldwide.
**Record Profits Highlighted in Q3 Report**
As of the end of Q3 2025, Tether’s reserves for USDT tokens stood at $181.2 billion, while liabilities totaled $174.4 billion. The resulting $6.8 billion excess reserve provides what the company describes as a “strong buffer” for USDT, the world’s largest stablecoin by market capitalization.
Notably, Tether’s direct and indirect exposure to U.S. government debt reached an all-time high of approximately $135 billion. This milestone catapults Tether ahead of countries like South Korea to become the 17th largest holder of U.S. Treasuries globally.
In a press release, Paolo Ardoino, Tether’s Chief Executive Officer, stated:
“Q3 2025 results reflect the continued trust and strength behind Tether, even amid a globally challenging macroeconomic environment, reinforcing Tether’s brand as the ‘Stable Company.’” He further added that the company’s record exposure to U.S. Treasuries and disciplined growth “position Tether as a pillar of stability in the financial and tech ecosystem.”
**Diversified Reserves Include Bitcoin and Gold**
Tether continues to diversify its reserves with significant holdings in Bitcoin and gold. The company reportedly held $12.9 billion in gold and $9.9 billion in Bitcoin, each representing roughly 13% of total reserves.
Adding to its expansion, Tether issued a record number of new USDT tokens worth over $17 billion in Q3 alone, bringing the total circulating supply to more than $174 billion.
With over 500 million users globally, Tether’s growing user base and issuance figures cement USDT’s dominance over other stablecoins such as USDC and USDe. This consolidates Tether’s role as the leading digital dollar within the crypto economy.
**Recent Developments and Strategic Initiatives**
In October, Tether finalized a settlement with the bankrupt crypto lender Celsius Network using proprietary investment capital—crucially, this did not affect reserves backing issued tokens, which have since surpassed $183 billion in circulation.
The company has also launched a share buyback initiative, signaling a new phase in corporate structuring designed to attract institutional investors via a private placement.
Additionally, Tether Holdings, the group’s parent entity, has applied for an Investment Fund License in El Salvador under the country’s newly enacted Private Alternative Investment Fund law.
Beyond its core stablecoin business, Tether has made investments in artificial intelligence, renewable energy, and communications infrastructure through its subsidiaries Tether Holdings and Tether Investments. These investments are separate from the reserves backing USDT.
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