Tether hits $10b profit mark with record $135b in treasuries

Tether now ranks as a top 20 global holder of U.S. debt, a sovereign-scale position that anchors its $10 billion year-to-date profit and cements its systemic role in modern finance.

On Oct. 31, USDT issuer Tether announced its Q3 2025 attestation, revealing a year-to-date net profit eclipsing $10 billion. The report, assured by accounting firm BDO, detailed a record $135 billion in direct and indirect exposure to U.S. Treasuries.

Tether’s massive position places the El Salvador-based company ahead of South Korea as the 17th largest holder of U.S. government debt globally. The quarter also saw over $17 billion in new USDT issued, pushing its total circulating supply to approximately $174 billion.

Inside Tether’s expanding balance sheet and strategic shifts

Beyond its colossal U.S. Treasury position, Tether has built a significant war chest in alternative assets. The company’s attestation reveals gold and Bitcoin reserves valued at $12.9 billion and $9.9 billion, respectively. Together, this $22.8 billion allocation represents approximately 13% of Tether’s total reserves.

These assets sit alongside a reserve base exceeding $181 billion, with liabilities amounting to $174.4 billion, most of which relate directly to USDT tokens in circulation. The surplus, standing at nearly $6.8 billion, reinforces Tether’s claim of maintaining one of the strongest buffers in the digital asset space.

This financial heft was recently tested and demonstrated in its handling of the Celsius litigation. In October, Tether finalized the settlement using its proprietary investment capital, a crucial distinction that meant the multi-billion-dollar payout did not draw from the reserves backing the USDT tokens in circulation.

Concurrently, Tether is leveraging its profitability to reshape its own corporate structure. The company said it has launched a share buyback initiative, a move typically associated with mature, cash-rich public companies seeking to consolidate ownership and return value.