- Tether recorded over $10B profit in 2025’s first nine months, supported by $6.8B in excess reserves and $174.4B in USDT liabilities.
- The company holds $135B in U.S. Treasuries, $12.9B in gold, and $9.9B in bitcoin, making it one of the largest holders of U.S. debt.
- It began a share buyback, applied for a fund license in El Salvador, and plans to launch the USAT stablecoin with Anchorage Digital.
Tether reported that year-to-date net profits passed $10 billion, closing the third quarter of 2025 with a larger balance sheet and higher reserves. The issuer of USDT said the token’s market cap reached about $174 billion in Q3, while liabilities tied to USDT stood at $174.4 billion. An attestation by BDO Italy showed $6.8 billion in excess reserves, which the company framed as a buffer above outstanding obligations. Management also detailed a large allocation to U.S. Treasuries and smaller holdings in gold and bitcoin, setting the tone for an expansion phase that includes a buyback program and new product plans.
Tether Q3 2025 results: profits, reserves, and asset mix
Tether highlighted profits that surpassed $10 billion for 2025, a figure that reflects coupon income and other earnings on reserve assets. The attestation cited $6.8 billion in excess reserves at quarter end, which sits on top of $174.4 billion in liabilities. The firm tied those liabilities to the circulating USDT base, which tracked a market cap around $174 billion by late September. BDO Italy signed the attestation, and the document summarized holdings, valuation methods, and the scope of procedures. The issuer said it continues to publish quarter-end snapshots rather than daily statements, yet it argued that the reserve mix and the surplus offer clarity on solvency. Management also stated that it used company capital, not token reserves, to settle litigation with Celsius in October, separating corporate cash flows from backing funds.
Balance sheet detail: treasuries, gold, and bitcoin
The portfolio tilts to U.S. Treasuries, which reached about $135 billion, a level that would place the issuer among the largest holders of U.S. government debt by size. Short-duration bills and notes drive most of the exposure, and coupons supply a steady revenue stream during a period of higher rates. The attestation also listed $12.9 billion in gold and $9.9 billion in bitcoin, amounts that add diversification but introduce market volatility. Gold can soften drawdowns during risk stress, while bitcoin can lift returns when crypto markets rise, yet both require risk controls to avoid mismatches. The firm presented the mix as a way to balance liquidity, yield, and optionality. It also pointed to excess reserves as a cushion that absorbs swings in non-cash holdings without impairing redemptions.
Tether corporate actions: buyback, fundraising, and licensing
Tether unveiled a share buyback program that allows the company to repurchase equity. The plan targets “prospective participation by institutional investors” through a private placement, which can add flexibility in capital structure. Around the same time, reports indicated the firm could raise up to $20 billion, with interest from Ark Invest and SoftBank. Management did not publish final terms, but it confirmed ongoing discussions with large investors. The company also applied for an investment fund license in El Salvador, the jurisdiction it lists as headquarters. That step would formalize asset-management activity and could support product development tied to reserves or yield strategies. Corporate housekeeping continued as well. The Celsius settlement closed in October, and the company said it drew on its own capital rather than USDT backing to complete the payment, a detail intended to protect token holders from legal costs.
Stablecoin growth, USDT supply, and new USAT rollout
Stablecoins expanded through 2025, and USDT remained the largest unit by circulation and trading pairs. Supply crossed about $174 billion by the end of September after growing by roughly $17 billion in the third quarter. That pace showed demand from exchanges, payment firms, and funds that treat stablecoins as a cash rail. Tether linked part of its distribution strategy to new partnerships and targeted investments. Management said the company expects to fund two or three projects that help place tokens in real platforms, citing a prior stake in a video sharing service where users tip creators in tokens. Product work continues in parallel. The firm plans to launch a new stablecoin called USAT later this year, with a focus on the U.S. market. Anchorage Digital would serve as the issuing partner, which aligns the effort with a regulated crypto bank that handles custody and compliance. If the rollout proceeds on schedule, USAT could add a second line under the same corporate umbrella while USDT remains the core product.
Conclusion
Tether closed the third quarter with profits above $10 billion for the year and a reserve surplus of $6.8 billion over $174.4 billion in liabilities, backed mainly by $135 billion in U.S. Treasuries plus $12.9 billion in gold and $9.9 billion in bitcoin. The issuer set a $174 billion market cap for USDT by late September after adding roughly $17 billion in supply during Q3. Corporate moves included a share buyback plan, discussions around a potential raise that could reach $20 billion, an application for an investment fund license in El Salvador, and a litigation settlement funded from company capital. A new product, USAT, aims at the U.S. market with Anchorage Digital as issuer, while distribution investments seek to place tokens in real services such as creator tipping. The update outlines how reserves, capital plans, and product launches shape the roadmap as stablecoin adoption grows.
Disclaimer
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