- Tether says net income surpassed $10 billion across the first three quarters of 2025.
- Reserves reported at $181.2B with a $6.8B excess buffer; about $135B in U.S. Treasuries.
- Holdings include roughly $12.9B in gold and $9.9B in Bitcoin; attestation under ISAE 3000.
- USDT supply grew from $174B (Sep 30) to over $184B; new share buyback and an investment fund license bid in El Salvador.
Tether said it has generated more than $10 billion in net profit over the first three quarters of 2025, a milestone that places the world’s largest stablecoin issuer alongside some of Wall Street’s best-performing names by earnings so far this year.
Driven by higher yields on safe assets and relentless demand for its dollar-pegged token, the company’s results underscore USDT’s expanding footprint even as macro conditions remain choppy and competition in the stablecoin arena intensifies.
Financial snapshot and reserves composition
The latest attestation points to total reserves of $181.2 billion and an excess reserves cushion of about $6.8 billion, reinforcing the issuer’s loss-absorption capacity and liquidity profile.
Tether says it now holds roughly $135 billion in U.S. Treasuries, which would make it one of the largest non-sovereign holders globally and reportedly the 17th biggest holder of U.S. sovereign debt by size.
Beyond government paper, the firm disclosed material positions in alternative reserve assets, including around $12.9 billion in gold and approximately $9.9 billion in Bitcoin, together representing a notable share of the total reserve stack.
Breaking down the year-to-date performance, media tallies indicate that Q1 and Q2 combined contributed about $5.7 billion to net income, implying that Q3 added north of $4.3 billion, largely powered by interest income from Treasuries.
USDT issuance and market footprint
Supply growth accelerated during the period: Tether issued over $17 billion in USDT in the third quarter alone. Circulating supply stood near $174 billion as of September 30 and has since climbed to above $184 billion, according to company figures.
The firm also highlights a broad user base, stating that USDT serves hundreds of millions of accounts, particularly across emerging markets where access to dollar liquidity remains limited and digital rails are in high demand.
How it stacks up against big banks
On a year-to-date basis, Tether’s earnings surpass those reported by some major U.S. institutions, including Bank of America at about $8.9 billion and U.S. Bank at roughly $5.5 billion over the first three fiscal quarters of 2025.
The tally sits within striking distance of Wall Street stalwarts like Morgan Stanley (~$12.4B) and Goldman Sachs (~$12.56B) so far this year. It still trails the industry’s top earner, with JPMorgan around $44 billion in net income year-to-date.
For context, Tether booked about $13 billion in profit in 2024, and this year’s trajectory indicates potential to outpace that result if yield conditions and demand remain supportive.
Corporate initiatives and U.S. strategy
Alongside the financials, the company announced a share buyback program that could include institutional participation via private placement and confirmed it has applied for an investment fund license in El Salvador, where it remains privately held and headquartered.
Management noted other corporate actions, including resolving litigation related to Celsius using company capital without tapping reserves, and said the latest attestation was performed under ISAE 3000 standards.
Strategically, Tether has emphasized growth in emerging markets while preparing a more formal U.S. market entry following recent policy shifts. Plans include a U.S.-focused stablecoin dubbed “USAT” tailored to domestic rules, with an eye toward a launch before year-end, subject to regulatory and operational progress.
The firm says it continues to diversify into adjacent initiatives—such as AI, renewable energy, and P2P communications—while maintaining that it has not pursued a public listing and has yet to conduct a full-scope audit with a Big Four accounting firm.
Tether’s latest update blends double-digit billion profits, fast-rising USDT issuance, and a heavier tilt toward Treasuries, with added exposure to gold and Bitcoin. The mix has pushed earnings into the realm of major financial institutions, even if the gap to the sector’s largest bank remains substantial.
