Tether, the issuer of the USDT stablecoin, has released its Q3 2025 financial report, prepared by auditors from BDO. The company revealed that its net profit since the start of the year has reached $10 billion, underscoring the strong momentum behind the world’s largest stablecoin.
The report also shows that USDT’s market capitalization exceeded $174 billion, with overcapitalization of roughly $6.8 billion. Tether issued 17 billion USDT in Q3, which it described as one of its strongest quarters ever.
Treasury Bonds and Bitcoin Strengthen Tether’s Backing
USDT’s primary reserve asset remains U.S. Treasury bonds. In the third quarter, the company’s holdings in these securities rose to $135 billion, making Tether the 17th-largest holder of U.S. Treasuries — ahead of South Korea, according to the report.
In addition, 13% of Tether’s reserves consist of gold and Bitcoin, valued at $12.9…
