Tether has announced a landmark financial performance for the first nine months of 2025, reporting a net profit surpassing $10 billion and launching a strategic share buyback program. This robust financial health, detailed in their Q3 2025 attestation, reinforces its position as a dominant force in the stablecoin market and signals a new level of maturity for the crypto industry.
A Pillar of Profitability and Stability
The recently published attestation report, prepared by the global accounting firm BDO, confirms the strength of Tether’s financial standing as of September 30, 2025. The company’s year-to-date profit has soared beyond the $10 billion mark, a figure that underscores its status as one of the most profitable private companies globally. This financial success is mirrored by the growth of its flagship product, USDT, which saw over $17 billion in new tokens issued during the third quarter alone, bringing the total circulating supply to over $174 billion.
A key indicator of Tether’s stability is its substantial $6.8 billion in excess reserves. This acts as a strong buffer, providing extra protection for USDT holders beyond the value of the tokens in circulation. This commitment to transparency and security is fundamental to maintaining trust in the world’s most widely used stablecoin.
The Engine of Earnings: Strategic Reserve Management
The primary driver behind Tether’s immense profitability is its strategic management of the reserves backing USDT. The company has reached an all-time high in its exposure to U.S. Treasury securities, which now stands at approximately $135 billion. This staggering sum positions Tether as one of the world’s largest holders of U.S. government debt, comparable to major sovereign nations and surpassing countries like South Korea.
Beyond U.S. debt, Tether has diversified its reserves to include significant allocations to gold ($12.9 billion) and Bitcoin ($9.9 billion), together making up about 13% of its total reserves. This diversified, forward-looking strategy not only helps generate substantial earnings but also strengthens the overall resilience of its asset base.
A Strategic Buyback and Future Ambitions
In a move that is unusual for a private company in the crypto ecosystem, Tether has launched a share buyback initiative targeted at institutional investors via a private placement. This decision reflects a sophisticated approach to capital allocation, aimed at consolidating ownership and attracting long-term institutional partners. It signals Tether’s confidence in its current valuation and future profitability, with some reports indicating the company is exploring a funding round that could value it at roughly $500 billion.
This initiative is part of a broader strategic expansion. Tether is actively investing in groundbreaking sectors like artificial intelligence (AI), renewable energy, and communications infrastructure through its proprietary investment capital. Furthermore, the company is seeking an Investment Fund License in El Salvador and has settled major litigations, such as the Celsius case, without impacting its token reserves, demonstrating disciplined financial management.
