Tether Reports Over $10 Billion Profit Year-to-Date and $6.8 Billion in Excess Reserves

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Tether has released its attestation report for the third quarter of 2025, detailing financial statistics up to September 30, 2025. The report highlights that the year-to-date profit has surpassed $10 billion and that the company holds $6.8 billion in excess reserves. It also verifies the reserves, liabilities, and the assets supporting USDT.

The report shows that reserves amount to $181.22 billion, while liabilities total $174.45 billion. This liability figure includes $174.36 billion attributed to tokens that are currently in circulation. Notably, USDT issuance grew by over $17 billion during the third quarter, raising the circulating supply beyond $174 billion, and the company indicates that supply exceeded $183 billion in October.

Understanding Tether's Reserves and Issuance

Tether's total exposure to U.S. Treasuries is approximately $135 billion, positioning the company around 17th in rankings compared to global sovereign holders.

In terms of asset distribution, Tether's reserves include $12.9 billion in gold and $9.9 billion in Bitcoin, which together represent about 13% of the total reserves. It's important to note that investments in areas like AI, renewable energy, and telecommunications are not included in the assets that support USDT.

At the end of the quarter, management reported that reserve assets exceeded liabilities by $6.78 billion. The company also boasts a global user base of over 500 million, alongside ongoing investments to enhance the digital dollar ecosystem.

“Q3 2025 results illustrate our sustained trust and strength, even amidst a challenging global economic landscape, reinforcing Tether’s reputation as the 'Stable Company'," commented CEO Paolo Ardoino. He added, "Both investors and users continue to see USDT as the most dependable and liquid digital dollar, which reflects the lasting confidence in Tether’s model.”

Corporate Developments and Future Plans

In October, Tether settled its litigation with Celsius, using proprietary investment capital, which means the reserve of tokens remained unaffected even when USDT issuance exceeded $183 billion.

Additionally, the company has initiated a share buyback program that may involve institutional participation. Tether also announced that its total proprietary equity is nearing $30 billion, while it plans to keep a multi-billion-dollar excess-reserve buffer intact.

Furthermore, Tether Holdings has submitted an application for an Investment Fund License in El Salvador under the Private Alternative Investment Fund law. This filing is part of a strategic move to expand its regulated operations while continuing to manage the reserves that back USDT. This includes substantial holdings in U.S. Treasuries and specific allocations to gold and Bitcoin, which have been detailed in their attestation report.

The difference between attestations and full audits affects the extent of visibility regarding holdings and oversight. Additionally, new licenses and capital movements could significantly influence redemption mechanics. Observations of on-chain distributions across networks, changes in USDT on exchanges, and primary wallet activities often signal potential stress well ahead of official reports.

Key Takeaways

Tether's year-to-date profit exceeds $10 billion, with excess reserves totaling $6.8 billion as of September 30, 2025.
Total reserves amount to $181.22 billion, while liabilities stand at $174.45 billion.
USDT issuance increased by more than $17 billion in Q3 2025, lifting circulation above $174 billion.
Tether's asset distribution includes substantial holdings in U.S. Treasuries, gold, and Bitcoin.
Tether aims to expand regulated activities and maintain significant excess reserves.