Tether International S.A. de C.V. released its third-quarter 2025 attestation report, prepared by accounting firm BDO.
Tether Attestation Reports Q1-Q3 2025 Profit Surpassing $10B, Record Levels in U.S. Treasuries Exposure, Accelerating USD₮ Supply Amidst World’s Macroeconomic Uncertainty
Learn more: https://t.co/EH8ltqri27— Tether (@Tether_to) October 31, 2025
The report verified the company’s financial and reserve data, outlining the assets backing its USD₮ stablecoin as of September 30th, 2025.
According to the attestation, Tether’s year-to-date net profit exceeded $10 billion.
The company stated that it continues to invest in developing its digital dollar ecosystem, which it reports serves more than 500 million users worldwide.
Tether said it is also pursuing initiatives in sectors such as artificial intelligence, renewable energy, and peer-to-peer communications, and that it maintains $6.8 billion in excess reserves.
During the third quarter, the company issued over $17 billion in new USD₮, bringing total circulation above $174 billion.
Tether’s total exposure to U.S. Treasuries, both direct and indirect, were reported at a record $135 billion, which it said places the company among the top 20 holders of U.S. government debt globally.
The report also listed precious metals and Bitcoin reserves valued at $12.9 billion and $9.9 billion, respectively, representing about 13% of total reserves. Tether described these holdings as part of its diversification strategy.
In October, Tether announced the completion of a settlement in its litigation with Celsius, noting that the settlement was funded through its investment capital and did not affect reserves backing USD₮ in circulation.
The company also reported applying for an Investment Fund License in El Salvador under the country’s Private Alternative Investment Fund law.
Additionally, Tether said it launched a share buyback program aimed at institutional investors and maintains proprietary equity approaching $30 billion, alongside a multi-billion-dollar reserve buffer.
As of September 30th, 2025, Tether reported the following figures:
- Total reserves: $181.2 billion
- Total liabilities: $174.4 billion, including $174.3 billion in issued digital tokens
- Excess reserves: $6.78 billion
The company stated that its proprietary investments in sectors such as AI, energy, and communications infrastructure are separate from the reserves backing issued tokens.
“Q3 2025 results reflect the continued trust and strength behind Tether, even amid a global challenging macroeconomic environment, reinforcing Tether’s brand as the ‘Stable Company,’” said Paolo Ardoino, CEO of Tether.
“Investors and users alike continue to turn to USD₮ as the most reliable and liquid digital dollar, proving the enduring confidence in Tether’s model. With its all-time high exposure to U.S. Treasuries, now amounting to $135 billion, it positions our company as the 17th largest holder of U.S. debt. Tether stands as a pillar of stability in the financial and tech ecosystem. Our consistent growth and discipline show that Tether is not only meeting global demand but also helping reinforce confidence in the broader digital economy.”