Tether, the issuer of the USDT stablecoin, reported that its net profits have exceeded $10 billion so far this year, driven by the continued growth of its flagship token, which reached a market capitalization of $174 billion in the third quarter of 2025.

The company’s latest attestation, verified by accounting firm BDO Italy, showed that Tether closed the quarter with $6.8 billion in excess reserves.

This cushion provides a solid buffer above its $174.4 billion in liabilities linked to USDT, reinforcing the firm’s claims of full backing and financial stability.

Tether’s Record-Breaking Q3 Results

The third quarter of 2025 marked another record-breaking period for Tether, with the company issuing more than $17 billion in new USDT. This brought the total circulating supply to over $174 billion, highlighting one of Tether’s strongest quarters to date.

The surge reinforces the stablecoin’s position as the dominant digital dollar, recognized for its blend of stability, transparency, and global utility.

Tether’s exposure to US Treasuries, both direct and indirect, climbed to an unprecedented $135 billion, positioning the firm as one of the largest holders of US government debt worldwide. This level of exposure now places Tether above South Korea, ranking it 17th among global holders of US Treasuries.

In addition, Tether’s reserves in gold and Bitcoin stood at $12.9 billion and $9.9 billion, respectively. These assets account for roughly 13% of total reserves, underscoring the company’s diversified and forward-focused reserve management approach.

Tether CEO Paolo Ardoino said the company’s third-quarter performance demonstrates the enduring confidence users place in Tether and the resilience of its operations, even in a challenging global macroeconomic climate.

“Investors and users alike continue to turn to USD₮ as the most reliable and liquid digital dollar, proving the enduring confidence in Tether’s model”, Ardoino stated.

He noted that these results further cement Tether’s reputation as a stable and reliable force within the digital asset ecosystem, reinforcing its image as what he described as “the Stable Company”.

Tether added that it continues to expand its digital dollar ecosystem, now serving more than 500 million users worldwide. The company is also investing in innovative initiatives across sectors such as artificial intelligence, energy, and peer-to-peer communication.

Strategic Expansion and New US Market Entry

Tether’s rising revenue aligns with its projection to reach $15 billion in net profit by the end of 2025, supported by clearer regulations and increasing investor demand for stablecoins. In the third quarter, the company revealed plans to return to the US market with USAT, a new dollar-backed stablecoin designed to meet federal standards under the GENIUS Act.

As part of its broader strategy, Tether also integrated USAT with video platform Rumble, where it holds nearly half ownership following a $775 million investment. Rumble’s 51 million US users will soon gain access to a crypto wallet supporting USAT and other tokenized assets, strengthening Tether’s foothold in the digital finance ecosystem.