Tether Quietly Becomes One of Crypto’s Most Profitable Companies

The El Salvador–based issuer of USDT, the world’s dominant stablecoin, expanded its supply by another $17 billion in the third quarter of 2025, according to its most recent attestation from auditing firm BDO. That surge pushed Tether’s annual profits past the $10 billion mark, a milestone that underscores how the company has turned dollar-pegged liquidity into one of crypto’s most reliable revenue engines.

The Unseen Profits Behind Stablecoins

Tether doesn’t publish traditional quarterly earnings reports, but its financial statements show a remarkable trajectory. The firm reported $5.7 billion in profit during the first half of 2025; based on current figures, that means at least $4.3 billion likely came in over the third quarter alone.

For a company without shareholders or stock listings, such performance rivals major banks and fintechs. “The market’s confidence in USDT remains strong despite global headwinds,” CEO Paolo Ardoino said, calling the third-quarter results proof that stablecoins are now integral to global liquidity.

Where the Money Sits

A closer look at Tether’s reserves reveals how it maintains that stability — and earns its profits. The company’s exposure to U.S. Treasury bills now stands around $135 billion, making it one of the largest private holders of government debt worldwide.

But Treasuries aren’t its only bet. Tether also holds roughly $13 billion in precious metals and an estimated $10 billion worth of Bitcoin, an allocation that blends conservative finance with crypto-native conviction. That mix has helped the company hedge inflation while continuing to generate strong returns from interest income on government bonds.

Rivals Close In, but Scale Still Rules

The stablecoin sector has become one of crypto’s most competitive arenas. JPMorgan analysts recently observed that Circle’s USDC is growing faster than USDT in terms of on-chain usage and market share across certain DeFi applications.

Yet, Tether’s lead remains substantial. Its liquidity footprint extends across nearly every exchange and blockchain ecosystem, making it the de facto settlement layer of digital markets. With higher profits, deeper reserves, and more aggressive diversification, it continues to hold the commanding position among dollar-pegged assets.

From Transparency to Dominance

Tether’s regular attestations by BDO — a shift from the opacity that once fueled criticism — have also helped strengthen market confidence. While questions remain about the fine details of its holdings, the company has demonstrated an ability to sustain profits even in volatile conditions that crippled others.

As global regulators move closer to formalizing rules for stablecoins, Tether’s massive earnings and asset base could redefine what “too big to fail” means in the digital economy. Whether loved or doubted, it has quietly become one of the most profitable financial entities in crypto history.

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