important notes
- The company’s exposure to the Treasury ranks it higher than the country as a whole in the ranking of government debt holdings.
- USDT’s circulation increased by $17 billion in three months, and the stablecoin’s market capitalization exceeded $300 billion.
- Excess reserves of $6.8 billion and diversified holdings of Bitcoin and gold strengthen the backing structure of the token.
Tether International has announced its third quarter 2025 financial results, confirming that its net income for the year exceeded $10 billion, as detailed in the latest certification prepared by BDO, a global independent accounting firm.
The company’s financial figures and reserve report were published as of September 30, 2025. This report shows that Tether continues to grow as one of the most financially robust companies in the fintech space. The company expects net income to reach $15 billion by the end of 2025.
U.S. Treasury holdings reach historic levels
In the third quarter, Tether’s total exposure to U.S. Treasuries, including direct and indirect holdings, surged to an all-time high, reaching approximately $135 billion. This makes Tether the world’s 17th largest holder of U.S. government debt, surpassing several nation-states including South Korea.
The increased allocation to U.S. Treasuries underscores Tether’s reserve strategy, which focuses on liquidity and asset diversification. Thanks to the approval of the GENIUS Act in the United States, this strategy is gaining more momentum than ever.
According to the announcement, Tether issued over $17 billion in new USDT during the third quarter and reported circulating supply of over $174 billion at the end of the quarter.
By October 2025, the number of tokens in circulation exceeded $183 billion, solidifying Tether’s position as the leading issuer of stablecoins. Additionally, with the growth of USDT, the stablecoin market capitalization exceeded $300 billion in early October.
The company’s user base has grown to over 500 million people, driven by global demand for reliable stablecoins amid macroeconomic instability.
Bitcoin and gold reserves bring diversification
As of September 30, Tether’s reserves included $12.9 billion in gold and $9.9 billion in Bitcoin.
BTC
109 306 dollars
24 hour volatility:
1.6%
Market capitalization:
$2.18 trillion
Vol. 24 hours:
6.518 billion dollars
corresponding to approximately 13% of total reserves. Proprietary investments in AI, energy, and communications are managed separately and are not included in the reserves backing USDT, highlighting the separation of business growth and token backing.
Tether ended the third quarter with $6.8 billion in excess reserves, providing a security buffer above outstanding debt. The Group’s total equity capital is approaching $30 billion. Liabilities related to issued tokens are $174.4 billion, with comparable assets of over $181.2 billion.
Tether CEO Paolo Ardoino said the results are evidence of continued confidence and growth, and that investors are increasingly turning to USDT for stability and liquidity. The certification and reserve breakdown strengthen Tether’s position amid continued global economic uncertainty. He also explained the details of the report on his account on X.
Tether just released its quarterly certificate for Q3 2025.
USDT has become the largest financial inclusion success story in human history, with over 500 million users in emerging markets and developing countries.
Highlights as of September 30, 2025:
*… pic.twitter.com/nZ2V1EKZ3x— Paolo Ardoino 🤖 (@paoloardoino) October 31, 2025
Recent legal issues and subsequent developments
In October, Tether completed a $299.5 million settlement in a Celsius-related lawsuit using the company’s invested capital without affecting the backing of the token.
Additionally, the company plans to raise more than $20 billion to continue expanding its operations around the world. In their roadmap, they plan to return to the United States after a long period marked by troubled relations with past governments. They even contracted a former Trump crypto official as a strategic advisor to get closer to President Trump.
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Marco is a passionate journalist with a deep addiction to cryptocurrencies and a strong interest in photography. He is interested in trading and market analysis. He has over 5 years of experience working in cryptocurrency projects.