Tether Reports $10B Profit, $174B USDT Circulation, Record Treasury Holdings

Tether, the issuer of the USDT stablecoin, reported a net profit exceeding $10 billion in the first three quarters of 2025, marking one of its most profitable periods yet. The company issued over $17 billion in new USDT during Q3 2025, increasing the total circulation to more than $174 billion, reflecting strong demand for stablecoin liquidity globally. Tether's total reserves stood at approximately $181.2 billion, surpassing its liabilities of around $174.4 billion, with $6.8 billion in excess reserves, confirming it is fully backed and over-collateralized. Notably, Tether holds $135 billion in U.S. Treasuries, making it the 17th largest global holder of U.S. government debt, ahead of countries like South Korea. Additionally, Tether's reserves include $12.9 billion in gold and $9.9 billion in Bitcoin, collectively representing about 13% of its total assets. This financial strength and liquidity position Tether as a significant player in both the crypto market and global finance, supporting over 500 million users worldwide and fueling ongoing market expansion.