Tether International, S.A. de C.V. (TI) today released its Q3 2025 attestation, prepared by BDO, one of the world’s top five independent accounting firms. The report confirmed the accuracy and transparency of Tether’s Financial Figures and Reserves Report (FFRR), providing a comprehensive view of the assets backing USD₮ as of September 30, 2025.
The company’s year-to-date net profit exceeded $10 billion, cementing Tether’s position as one of the most profitable privately controlled businesses in the world. The firm continues to invest heavily in the expansion of its digital dollar ecosystem, which now reaches more than 500 million users globally, while funding strategic initiatives in AI, renewable energy, and peer-to-peer communications.
Tether’s excess reserves remain robust at $6.8 billion, serving as a strong financial buffer that supports long-term stability and investor confidence.
$17B in New USDT Issued, Supply Surpasses $174B
Q3 2025 marked another milestone for the company, with more than $17 billion in new USD₮ issued, one of its strongest issuance quarters ever. This pushed the total circulating supply to over $174 billion, reaffirming Tether’s dominance as the leading global digital dollar.
The attestation also highlighted Tether’s diversified asset composition, including $135 billion in U.S. Treasuries, an all-time high that now makes Tether the 17th largest holder of U.S. government debt, surpassing countries like South Korea.
Meanwhile, the company’s gold and bitcoin reserves stood at $12.9 billion and $9.9 billion, respectively, together accounting for roughly 13% of total reserves, reflecting a prudent and forward-looking diversification strategy.
Major Strategic Moves and Legal Resolution
In October, Tether successfully settled the Celsius litigation using its own investment capital, without affecting the reserves backing circulating tokens. During this time, USD₮ supply continued to grow, surpassing $183 billion in circulation.
Separately, Tether Holdings, S.A. de C.V. applied for an Investment Fund License in El Salvador, under the nation’s new Private Alternative Investment Fund law, a step toward formal expansion into regulated digital finance.
In parallel, Tether initiated a share buyback program, attracting interest from institutional investors considering participation through private placement. These strategic initiatives are supported by the company’s multi-billion-dollar excess reserves and total proprietary group equity approaching $30 billion.
Financial Position and Management Declaration
As of September 30, 2025, Tether reported the following key figures:
- Reserves for tokens in circulation: $181,223,149,214
- Liabilities: $174,445,364,503 (of which $174,356,634,812 relate to digital tokens issued)
- Excess reserves: $6,777,784,711
Tether also noted that proprietary investments made through Tether Holdings S.A. de C.V. and Tether Investments S.A. de C.V., in areas such as AI, renewable energy, and communications infrastructure, are not included in the reserves backing issued tokens, maintaining full segregation between operating investments and token backing assets.
“The Stable Company” Sets the Standard
“Tether’s Q3 2025 results reflect the continued trust and strength behind our brand, even amid a globally challenging macroeconomic environment,” said Paolo Ardoino, CEO of Tether. “With our all-time high exposure to U.S. Treasuries, now totaling $135 billion, Tether stands as a pillar of stability in both the financial and technology ecosystems.”
Ardoino added that investors and users alike continue to view USD₮ as the most reliable and liquid digital dollar, reinforcing confidence in the company’s model and its mission to empower communities through technology and financial innovation.
