Tether International, the issuer of USDT, has released an attestation report that shows that it made a record-breaking net profit of more than $10 billion for the first nine months of 2025.
The attestation report prepared by independent accounting firm BDO confirms the accuracy of Tether’s Financial Figures and Reserves Report (FFRR) and also highlights Tether’s expanding financial footprint and position as one of the most profitable privately controlled companies in the world.
Record profits in Q3 reports
According to the report, reserves for Tether tokens stood at $181.2 billion as of the end of the third quarter of 2025, while its liabilities were $174.4 billion. The resulting $6.8 billion in excess reserves provides what the company describes as a “strong buffer” for USDT, which is the world’s largest stablecoin by market capitalization.
Tether’s direct and indirect exposure to U.S. government debt reached an all-time high of about $135 billion, as the firm catapulted ahead of countries such as South Korea to become the 17th largest holder of Treasuries globally.
In its press release, Paolo Ardoino, Tether’s chief executive, stated, “Q3 2025 results reflect the continued trust and strength behind Tether, even amid a global challenging macroeconomic environment, reinforcing Tether’s brand as the ‘Stable Company’,” He added that the company’s record exposure to U.S. Treasuries and its disciplined growth “position Tether as a pillar of stability in the financial and tech ecosystem.”
Tether diversifies reserves with BTC, gold
Tether reportedly held $12.9 billion in gold and $9.9 billion in Bitcoin, both of which represent roughly 13% of total reserves.
The company also issued a record number of new USDT tokens worth over $17 billion in the third quarter alone, and this brought the total circulating supply to more than $174 billion.
Tether stated that it now serves over 500 million users globally. Its growing user base and issuance figures further entrench USDT’s dominance over other stablecoins such as USDC and USDe, among others, consolidating Tether’s role as the leading digital dollar of the crypto economy.
In October, Tether completed a settlement with bankrupt crypto lender Celsius Network using its proprietary investment capital, without affecting reserves backing issued tokens, which have since surpassed $183 billion in circulation.
It has also launched a share buyback initiative, signaling a new phase in corporate structuring aimed at attracting institutional investors through a private placement.
Tether Holdings, the group’s parent entity, has applied for an Investment Fund License in El Salvador under the country’s new Private Alternative Investment Fund law.
Tether also has other investments in artificial intelligence, renewable energy, and communications infrastructure through its subsidiaries Tether Holdings and Tether Investments, and they are not included in the reserves backing USDT.
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