The reserves for Tether tokens in circulation amounted to $181.2 billion, while the company’s liabilities amount to $174.4 billion, according to Tether’s Q3 2025 attestation report prepared by accounting firm BDO.
Tether’s reserves include $135 billion in exposure to U.S. Treasuries, $12.9 billion in gold and $9.9 billion in bitcoin, the attestation said. Other reserve assets include $14.6 billion in secured loans, $3.9 billion in other investments and $14.7 million in corporate bonds, according to the company’s latest Financial Figures and Reserves Report.
“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,” Tether CEO Paolo Ardoino said in the attestation report. “With its all-time high exposure to U.S. Treasuries, now amounting to $135 billion, it positions our company as the 17th largest holder of U.S. debt.”
The attestation report also said that the company’s year-to-date net profit at the end of the third quarter was over $10 billion, the number of users of its stablecoin around the world topped 500 million, and the amount of new Tether issued during the third quarter was over $17 billion.
“Our consistent growth and discipline show that Tether is not only meeting global demand but also helping reinforce confidence in the broader digital economy,” Ardoino said.
Tether’s USDT stablecoin is the most traded cryptocurrency by volume around the world.
Ardoino said in September that the company has been issuing USDT for over a decade and that the token is used by hundreds of millions of people in emerging markets.
Tether announced in September that it plans to launch a U.S.-regulated dollar-backed stablecoin called USAT and that the token will be designed to comply with the recently enacted U.S. stablecoin law, the GENIUS Act.
It was reported in September that the $300 billion stablecoin market had grown 42% this year, up to that point. In the time since the Genius Act was signed into law in July, the stablecoin market cap had risen 19%.
