TLDR
- Tether reported a net profit of over $10 billion.
- Total reserves include $135 billion in U.S. Treasuries.
- USDT market cap reached $174 billion, serving 500 million users.
Tether has reported a net profit of over $10 billion for the first nine months of 2025. This announcement was accompanied by the revelation that Tether holds $22.8 billion in gold and Bitcoin reserves.
According to an attestation by BDO, a top-five global accounting firm, Tether’s total reserves as of June 30, 2025, include $135 billion in U.S. Treasuries, $12.9 billion in gold, and $9.9 billion in Bitcoin.
Significant Increase in Tether Reserves
The net profit announcement highlights significant growth in Tether’s financial reserves. This growth reinforces its leadership in the global stablecoin market. The company has become one of the largest holders of U.S. government debt.
Tether’s attestation report is available in their news release, which confirms their strategic investments and operational revenue enhancement. The report also highlights Tether’s transparency and financial resilience.
“Total reserves as of June 30, 2025, include $135 billion in U.S. Treasuries, $12.9 billion in gold, and $9.9 billion in Bitcoin. These excess reserves reinforce Tether’s strong solvency profile and long-term sustainability.”
Tether.io, attestation report
Focus on Stablecoin Innovation and Expansion
Tether CEO Paolo Ardoino emphasized the company’s focus on stablecoin innovation and expanding secure, on-chain dollar liquidity. This aligns with their strategic investments into U.S.-focused infrastructure.
The company is seeking up to $20 billion in new funding, with interest from investors like Ark Invest and SoftBank. Tether has already reinvested over $4 billion into U.S. infrastructure projects.
Implications for USDT and Other Tokens
Tether’s stablecoin, USDT, reached a $174 billion market cap, serving 500 million global users. BTC and XAUT, backed by Tether’s holdings, have seen renewed investor interest.
A new stablecoin, USAT, is expected to be launched with Anchorage Digital, potentially affecting U.S. stablecoin market dynamics further.
Institutional Interest in Tether’s Performance
The increase in Tether’s reserves and profitability has drawn significant institutional interest. Key investments reflect a strategic pivot to U.S. infrastructure and higher transparency.
Tether’s ongoing commentary and investment announcements suggest a strong domestic institutional activity, focused on exploiting Tether’s liquidity channels.
“Stablecoin profits at this scale show crypto is now integral to global finance.”
Raoul Pal, CEO, Real Vision
Regulatory Developments and Future Steps
Tether is actively seeking an investment fund license in El Salvador, aligning with global regulatory trends. U.S. policymakers have noted Tether’s reserves as aligning private innovation with public monetary goals.
The company has faced regulatory scrutiny in the past, leading to adjustments in operations. However, no direct statements from major regulatory bodies about this profit report were found in the primary sources.
Tether issues $20B USDT, largest U.S. debt holder with $127B.
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