Tether , the issuer of the largest stablecoin globally, announced on Friday its net profits exceeded $10 billion for this year, coinciding with its flagship token reaching a $174 billion market cap in the third quarter of 2025.
Based on the firm’s recent attestation validated by accounting firm BDO Italy, the company concluded the quarter with $6.8 billion in excess reserves, maintaining a buffer over its $174.4 billion in liabilities linked to USDT.
“With unprecedented exposure to U.S. Treasuries, now totaling $135 billion, it positions our company as the 17th largest holder of U.S. debt,” remarked CEO Paolo Ardoino in a statement.
The company also owned $12.9 billion in gold and $9.9 billion in bitcoin , according to the attestation.
Tether also declared the launch of a share buyback program, anticipating interest from institutional investors for a private placement. Bloomberg previously reported that Tether aims to raise up to $20 billion, with firms like Ark Invest and SoftBank showing interest in the initiative.
The company has applied for an investment fund license in El Salvador, its headquarters. It also confirmed the resolution of litigation with the bankrupt crypto lender Celsius in October using its own funds, rather than reserves backing issued tokens.
This report emerges as stablecoins are swiftly expanding globally, with Tether at the forefront as the issuer of the largest digital dollar available. The USDT circulating supply surpassed $174 billion by the end of September, growing by $17 billion in the third quarter.
The crypto firm is preparing to introduce a new stablecoin dubbed USAT later this year, targeting the U.S. market and launched with crypto bank Anchorage Digital. The company also plans to engage in two to three investments to enhance the token’s distribution, similar to Tether’s investment in video sharing platform Rumble, where tokens will be utilized for tipping creators, Ardoino stated in an interview with CoinDesk in Lugano, Switzerland.
Read more: Tether Eyes Fresh Investments to Push USAT Stablecoin to 100M Americans at December Launch
