Tether's Q3 Report: Profits Exceed $10 Billion Amid Growth

Tether, the issuer behind the leading stablecoin, USDT, has made headlines with its latest financial results from the third quarter (Q3) of 2025. According to their recent attestation report, the company boasts year-to-date profits exceeding $10 billion.

The third quarter of 2025 has proven to be a pivotal moment for Tether, as it successfully issued over $17 billion in new USDT, marking one of its most robust performances to date. This surge has propelled the total circulating supply of USDT to more than $174 billion, showcasing substantial growth in the stablecoin's market presence.

When it comes to financial exposure, Tether has reached a remarkable milestone with its holdings in US Treasuries—both direct and indirect—totaling approximately $135 billion. This positions Tether as one of the largest holders of US government debt, surpassing South Korea and ranking as the 17th largest entity globally in terms of US Treasuries held.

As of September 30, 2025, Tether reported that the reserves backing its circulating tokens stood at around $181.2 billion, while liabilities were approximately $174.4 billion. This indicates a solid asset-to-liability ratio, with assets exceeding liabilities by about $6.8 billion.

Furthermore, Tether's reserves are diversified, including $12.9 billion in gold and $9.9 billion in Bitcoin (BTC), which together account for nearly 13% of the company’s total reserves. Paolo Ardoino, Tether's CEO, expressed his thoughts on the Q3 results, stating:

These results reflect the continued trust and strength behind Tether, even amid a challenging global macroeconomic environment. They reinforce Tether’s brand as the ‘Stable Company.’

He pointed out that there is a growing trend among investors and users who are increasingly relying on USDT as the most dependable and liquid digital representation of the dollar, underscoring the lasting confidence in Tether's operational model.

In an effort to uphold financial integrity, the T3 Financial Crime Unit (T3 FCU)—a collaboration involving Tether, TRON, and TRM Labs—has frozen more than $300 million in criminal assets on a global scale. This initiative plays a crucial role in combating financial crime within the cryptocurrency sector.

The majority of these actions were reported in the United States, where approximately $83 million was frozen across 37 different cases. Other countries that received assistance include Spain, Germany, and Brazil, highlighting the international scope of this effort.

The types of crimes being investigated were varied, with a significant focus on illicit goods and services (39%), fraud, hacks, and activities associated with the Democratic People’s Republic of Korea (DPRK), which alone accounted for $19 million from the Bybit hack.

Ardoino emphasized the firm's dedication to preserving the integrity of the financial system, stating, “Reaching the $300 million milestone demonstrates the real-world impact of blockchain technology in combating financial crime.” He reaffirmed Tether's commitment to working alongside more than 280 law enforcement agencies worldwide, aiming to effectively monitor transactions and disrupt criminal activities.