Tether, the world’s largest stablecoin issuer, continues to post remarkable financial gains, reporting annual profits exceeding $10 billion, according to its latest attestation released Friday. The El Salvador-based company also revealed it issued an additional $17 billion in USDT during the third quarter of 2025, underscoring its dominant position in the global stablecoin market.
Although Tether did not disclose its exact third-quarter profit figure, previous reports offer a strong indication. The company had reported $5.7 billion in profit through the first half of the year, meaning its Q3 earnings likely added at least another $4.3 billion.
“Tether’s Q3 2025 results reflect the continued trust and strength behind the company, even amid a globally challenging macroeconomic environment,” said CEO Paolo Ardoino in a statement.
Unlike public firms, Tether does not release full financial statements but instead issues attestations prepared by accounting firm BDO. These documents verify the company’s reserves and overall financial position, providing some transparency to its massive balance sheet.
Tether’s holdings in U.S. Treasuries now stand at a record $135 billion, a sharp rise that reflects its heavy investment in short-term government debt. The company also holds nearly $13 billion in precious metals and about $10 billion worth of Bitcoin, diversifying its asset base.
While Tether remains the leading USD-pegged stablecoin by market share, competition is intensifying. Analysts at JPMorgan noted this week that Circle’s USDC has been growing faster than Tether’s USDT in both on-chain activity and market capitalization.
Tether recently announced it has surpassed 500 million users, and reports suggest the company is in discussions with investors to raise up to $20 billion at an estimated $500 billion valuation — a sign of growing institutional interest despite ongoing scrutiny of the stablecoin industry.
