Tether International, the issuer of the USDT stablecoin, reported a net profit exceeding $10 billion through the third quarter of this year, establishing it as one of the world's most profitable privately held companies, according to an attestation report by BDO.
Key Highlights of Tether's Q3 Performance:
- Surging Supply: Tether minted over $17 billion in new USDT tokens during Q3, pushing the total circulating supply to over $174 billion by the end of September. This growth reflects sustained demand for dollar-pegged digital assets globally. The supply has since grown further, surpassing $183 billion in October.
- Massive Treasury Exposure: Tether's holdings of U.S. Treasury securities hit an all-time high of approximately $135 billion. This position makes Tether the 17th largest holder of U.S. government debt globally, surpassing the holdings of nations like South Korea.
- Robust Reserves: Total reserves backing USDT stood at $181.2 billion, exceeding the $174.4 billion in liabilities. The company maintains $6.8 billion in excess reserves beyond what is required to back its circulating tokens.
- Diversified Reserves: The reserve portfolio includes significant holdings, notably $12.9 billion in gold and $9.9 billion in bitcoin, which together account for about 13% of the total reserves.
- Strategic Growth: Tether stated it has reached over 500 million users globally and is actively expanding its business by investing in sectors like artificial intelligence, renewable energy, and communications infrastructure through separate corporate entities.
- Corporate Actions: In October, the company successfully settled litigation with the bankrupt crypto lender Celsius using proprietary investment capital (not affecting token reserves). Tether also initiated a share buyback for institutional investors and applied for an investment fund license in El Salvador.
According to CEO Paolo Ardoino, the continued growth and user confidence solidify USDT as "the most reliable and liquid digital dollar." The entire Tether Holdings group maintains approximately $30 billion in group equity.
November 2025, Cryptoniteuae