Tether's Record Profit: Now Top US Treasury Holder

Tether Reports Over $10 Billion Profit, Becomes 17th Largest U.S. Treasury Holder

Tether, the world's leading stablecoin issuer, USDT, has announced an impressive financial quarter, with year-to-date net profit exceeding $10 billion through the third quarter of 2025. This achievement not only solidifies Tether's robust financial position but also places the company among the world's most profitable privately held entities. Remarkably, with its U.S. Treasury holdings reaching approximately $135 billion, Tether has now surpassed South Korea to become the 17th largest holder of U.S. government debt globally.

Exceptional Financial Performance

An attestation report published by accounting firm BDO confirmed Tether's year-to-date net profit exceeding $10 billion. This strong growth is fueled by surging demand for dollar-pegged digital assets amid global macroeconomic uncertainty. During Q3 2025, Tether minted over $17 billion in new USDT tokens, bringing the total circulating supply to more than $174 billion by September 30. This figure has since grown to surpass $183 billion in October, reflecting the enduring confidence in Tether's model and investors' trust in USDT as the most reliable and liquid digital dollar.

Tether's Position in U.S. Treasuries

Tether's rise to become the 17th largest global holder of U.S. Treasury securities is a clear testament to the company's escalating scale and influence within the global financial system. With approximately $135 billion held in U.S. government debt, Tether now holds a larger amount than many sovereign nations, including South Korea. This not only demonstrates a prudent reserve management strategy but also underscores the role of stablecoins in attracting and routing capital into traditional safe-haven assets.

Reserve Structure and Strategic Initiatives

As of quarter-end, Tether's total reserves backing USDT stood at $181.2 billion, significantly exceeding its liabilities of $174.4 billion. This includes $6.8 billion in excess reserves beyond what is required to back circulating tokens, providing a substantial liquidity buffer. Tether's diversified reserve portfolio also comprises $12.9 billion in gold and $9.9 billion in Bitcoin, representing roughly 13% of total reserves.

CEO Paolo Ardoino emphasized, "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." The company has now reached over 500 million users globally and is expanding investments in artificial intelligence, renewable energy, and communications infrastructure through separate entities not included in token reserves. In October, Tether also settled litigation with bankrupt crypto lender Celsius using proprietary investment capital without affecting token reserves and launched a share buyback initiative targeting institutional investors.

Conclusion

With record profits, a top-tier position in U.S. Treasury holdings, and an expanding global user base, Tether continues to establish itself as an undeniable force in both the cryptocurrency and traditional financial landscapes. Its transparency through regular attestation reports and diversified investment strategy reinforces confidence in the USDT stablecoin, positioning it as a crucial asset in global portfolios.

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