Tether, the issuer of the USDT stablecoin, has released its Q3 2025 financial report, prepared by auditors from BDO. The company revealed that its net profit since the start of the year has reached $10 billion, underscoring the strong momentum behind the world’s largest stablecoin.
The report also shows that USDT’s market capitalization exceeded $174 billion, with overcapitalization of roughly $6.8 billion. Tether issued 17 billion USDT in Q3, which it described as one of its strongest quarters ever.
Treasury Bonds and Bitcoin Strengthen Tether’s Backing
USDT’s primary reserve asset remains U.S. Treasury bonds. In the third quarter, the company’s holdings in these securities rose to $135 billion, making Tether the 17th-largest holder of U.S. Treasuries — ahead of South Korea, according to the report.
In addition, 13% of Tether’s reserves consist of gold and Bitcoin, valued at $12.9 billion and $9.9 billion, respectively.
Tether also holds around $30 billion in corporate assets outside its stablecoin reserves, including investments in technology and artificial intelligence (AI).
New Ventures and Legal Resolutions
The report highlighted several strategic developments: the resolution of a lawsuit with Celsius, an application for an investment fund license in El Salvador, and the launch of a share buyback initiative for existing investors.
“These Q3 2025 results reflect Tether’s continued confidence and strength, even in a challenging global macroeconomic environment, reinforcing Tether’s brand as a ‘stable company,’” said Tether CEO Paolo Ardoino.
Ardoino previously stated that Tether aims to earn up to $15 billion by the end of 2025, maintaining its lead in the growing stablecoin market.
