Author
Hongji Feng
Author
Hongji Feng
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Tether has published its Q3 2025 attestation covering figures through September 30, 2025. The report states year-to-date profit exceeded $10 billion and excess reserves totaled $6.8 billion, and it verifies reserves, liabilities, and the assets backing USDT.
Reserves were reported at $181.22 billion against $174.45 billion in liabilities, including $174.36 billion related to tokens in circulation. USDT issuance increased by more than $17 billion during Q3, lifting circulating supply above $174 billion, and the company says supply later passed $183 billion in October.
Tether Reserves, Mix, And USDT Issuance
Tether reports total exposure to U.S. Treasuries of about $135 billion, which it says would place the company around 17th if compared with sovereign holders.
The reserve mix also includes $12.9 billion in gold and $9.9 billion in Bitcoin, representing roughly 13% of reserves in aggregate, while proprietary investments in areas such as AI, renewable energy, and communications are excluded from the assets backing USDT.
Management asserts that reserve assets exceeded liabilities by $6.78 billion at quarter-end, and the company cites a global user base above 500 million alongside continued spending to support the digital-dollar ecosystem.
“Q3 2025 results reflect the continued trust and strength behind Tether, even amid a global challenging macroeconomic environment, reinforcing Tether’s brand as the ‘Stable Company’,” said CEO Paolo Ardoino.
“Investors and users alike continue to turn to USDT as the most reliable and liquid digital dollar, proving the enduring confidence in Tether’s model,” stated Ardoino.
Corporate Actions, Licensing, And Capital
The company says it settled the Celsius litigation in October using proprietary investment capital, indicating that token reserves were unaffected during the period when outstanding USDT surpassed $183 billion.
The group also launched a share buyback initiative with prospective institutional participation, while stating that overall proprietary equity is approaching $30 billion and that it will maintain a multi-billion-dollar excess-reserve buffer.
Separately, Tether Holdings has applied for an Investment Fund License in El Salvador under the Private Alternative Investment Fund law. The company describes the filing as part of a plan to expand regulated activities while continuing to manage reserves that back USDT, including record exposure to U.S. Treasuries and a defined allocation to gold and bitcoin disclosed in the attestation.
The distinction between attestations and full audits sets the depth of visibility into holdings and controls, while new licenses and capital actions can reshape redemption mechanics. On chain distribution across networks, shifts in USDT on exchanges, and primary wallet movements often reveal stress transmission ahead of formal disclosures.
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