Tether Smashes Profit Records with $10 Billion in 2025 Earnings

October 31, 2025 – Tether has once again redefined the scale of profitability in crypto. In its Q3 2025 attestation report, the world’s largest stablecoin issuer revealed net profits exceeding $10 billion for the first nine months of the year, a milestone that highlights both its dominance and resilience amid volatile global markets. The report, verified by accounting giant BDO, shows Tether’s balance sheet stronger than ever, backed by massive reserves and record exposure to U.S. Treasuries.

Market Reaction: Record Profits and Expanding Reach

According to the attestation, Tether’s total reserves reached $181.2 billion, comfortably exceeding $174.4 billion in liabilities.
Its $6.8 billion in excess reserves serves as a strong safety margin, reinforcing the token’s 1:1 redeemability. The firm’s portfolio is dominated by $135 billion in U.S. Treasuries, making Tether the 17th-largest holder of U.S. government debt, surpassing many sovereign states.

Tether’s profits stem largely from interest yields on its reserves. In Q3 alone, over $17 billion in new USD₮ entered circulation, lifting supply beyond $183 billion. This surge mirrors rising adoption across emerging markets and DeFi ecosystems, where stablecoins have become key to global liquidity.

Skepticism & Risks: Transparency and Oversight Debates

Despite its staggering earnings, Tether continues to face scrutiny. Critics argue that attestations aren’t equivalent to full audits, leaving questions about the depth of reserve verification.
However, the company’s decision to publish quarterly BDO-reviewed reports has eased much of the market skepticism.