Tether , the issuer of the world's largest stablecoin, said on Friday its net profits surpassed $10 billion for this year as its flagship token swelled to a $174 billion market cap in the third quarter of 2025.
According to the firm's latest attestation signed by accounting firm BDO Italy, the company ended the quarter with $6.8 billion in excess reserves, maintaining a buffer over its $174.4 billion in liabilities tied to USDT.
"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," CEO Paolo Ardoino said in a statement.
The company also held $12.9 billion in gold and $9.9 billion in bitcoin , per the attestation.
Tether also announced the initiation a share buyback program, with "prospective participation by institutional investors interested in a private placement." Bloomberg reported earlier that Tether was looking to raise up to $20 billion, with Ark Invest, SoftBank being among firms interested in the round.
Tether added it has applied for an investment fund license in El Salvador, where the company is headquartered. It also confirmed that it settled litigation with bankrupt crypto lender Celsius in October using its own capital, not from reserves backing issued tokens.
The report comes as stablecoins are rapidly growing globally, with Tether at the center as the issuer of the largest digital dollar on the market. The circulating supply of USDT crossed $174 billion by the end of September, expanding by $17 billion in the third quarter.
The crypto firm is gearing towards rolling out a new stablecoin dubbed USAT later this year, focused on the U.S. market and issued with crypto bank Anchorage Digital. The company also eyes two-three investments to boost the token's distribution, similar to Tether's stake in video sharing platform Rumble where the tokens will be used for tipping creators, Ardoino said in an interview with CoinDesk in Lugano, Switzerland.
Read more: Tether Eyes Fresh Investments to Push USAT Stablecoin to 100M Americans at December Launch
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