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Tether International has recorded more than $10 billion in profit this year, cementing its status as one of the most profitable private companies in the world. The milestone, revealed in a new attestation report from accounting firm BDO, highlights the growing influence of the stablecoin issuer within both traditional finance and the cryptocurrency sector.
As of the third quarter of 2025, Tether had minted over $17 billion in new USDT tokens, pushing its total circulating supply beyond $174 billion by the end of September. That number continued to climb in October, surpassing $183 billion. The rise underscores the growing global appetite for stable, dollar-backed digital currencies during a time of economic uncertainty and fluctuating interest rates.
Becoming a Major Holder of U.S. Treasuries
One of the most striking aspects of Tether’s financial report is its increasing exposure to U.S. Treasury securities. The company now holds around $135 billion worth of Treasuries, ranking it as the 17th largest holder of U.S. government debt. This position places Tether ahead of entire countries such as South Korea, underlining the immense scale of its financial reserves.
The firm also disclosed that it maintains $6.8 billion in excess reserves — funds held above what’s required to back all circulating USDT tokens. This surplus serves as a cushion against market volatility and reinforces user confidence in Tether’s dollar peg.
Strong Reserve Backing and Diversified Assets
According to BDO’s attestation, Tether’s total reserves at the end of Q3 stood at $181.2 billion, surpassing its total liabilities of $174.4 billion. The company’s reserve composition shows a strategic mix of assets, with $12.9 billion held in gold and $9.9 billion in bitcoin. Together, these two assets account for about 13% of Tether’s total reserve portfolio.
Tether CEO Paolo Ardoino said the consistent growth of USDT demonstrates ongoing faith in the company’s model. “Investors and users alike continue to turn to USDT as the most reliable and liquid digital dollar, proving the enduring confidence in Tether’s model,” Ardoino noted.
The CEO’s statement reflects a broader industry trend where investors prefer stablecoins as a hedge against volatility in both traditional and crypto markets. For many users, stablecoins like USDT offer a simple and accessible entry point into digital finance without direct exposure to market risk.
Half a Billion Users and Global Expansion
Tether also reported an impressive milestone of more than 500 million users worldwide. This user base spans exchanges, fintech platforms, remittance services, and individuals seeking stable alternatives to local currencies in countries experiencing inflation or restricted access to the U.S. dollar.
In addition to its core stablecoin operations, Tether is expanding into new sectors including artificial intelligence, renewable energy, and telecommunications. These investments are managed through separate entities outside of the company’s token reserves, reflecting a growing focus on diversification and long-term sustainability.
The move signals Tether’s intent to position itself not just as a financial player but also as a technology and infrastructure company capable of supporting the next generation of decentralized systems.
Litigation Settlement and Institutional Initiatives
In October, Tether resolved its legal dispute with the bankrupt crypto lender Celsius. The company confirmed that it used its proprietary investment capital — not token reserves — to settle the matter, ensuring no impact on the USDT backing structure.
Around the same time, Tether introduced a share buyback initiative aimed at institutional investors. This move is seen as an effort to strengthen corporate governance and attract larger investors interested in exposure to Tether’s growing financial ecosystem.
Additionally, Tether has taken a strategic step by applying for an investment fund license in El Salvador. This development aligns with the country’s growing adoption of digital assets and may pave the way for new regulated financial products under Tether’s umbrella.
Tether’s Market Dominance Strengthens
The company’s financial performance continues to outpace many of its competitors. With group equity now estimated at around $30 billion, Tether’s dominance in the stablecoin market remains unmatched. USDT accounts for a significant majority of global stablecoin transactions, often serving as the primary liquidity vehicle across major exchanges and decentralized platforms.
Tether’s success also highlights a shift in how investors view stablecoins. Once seen merely as trading tools, they are now becoming key instruments in global finance — bridging fiat currency systems with blockchain-based economies. For emerging markets, stablecoins like USDT are increasingly being used for remittances, savings, and payments, offering a practical alternative to traditional banking systems.
The Road Ahead for Tether
As Tether continues to grow, questions about transparency, regulation, and diversification remain central to its long-term trajectory. However, its consistent profitability and strong reserve backing have gone a long way in improving public perception and strengthening market trust.
The company’s efforts to expand into renewable energy and AI could also redefine its image — transforming Tether from a purely financial entity into a technology-driven conglomerate with global reach.
With rising demand for stable digital assets and the increasing use of blockchain in mainstream finance, Tether’s influence shows no sign of slowing. Its combination of profitability, liquidity, and strategic diversification positions it as a cornerstone of the evolving digital economy.
