Tether has released its Q3 2025 attestation, confirming its reserves, liabilities, and assets backing USDT through September 30, 2025. The report shows that Tether’s year-to-date profit surpassed $10 billion, with excess reserves reaching $6.8 billion.
Total reserves stood at $181.22 billion, exceeding $174.45 billion in liabilities, including $174.36 billion tied to circulating tokens. USDT supply grew by over $17 billion during the quarter, pushing circulation beyond $174 billion and later above $183 billion in October.
Tether reported roughly $135 billion in U.S. Treasury exposure, a level that would place it among the top 20 sovereign holders globally. The company also holds $12.9 billion in gold and $9.9 billion in Bitcoin, together making up about 13% of total reserves. Investments in AI, renewable energy, and communications remain separate from USDT’s backing assets.
CEO Paolo Ardoino said the results reflect “continued trust and strength behind Tether,” calling USDT the most “reliable and liquid digital dollar.”
Tether also announced a share buyback program and disclosed that its proprietary equity is nearing $30 billion. Additionally, it has applied for an Investment Fund License in El Salvador, expanding its regulated operations and reinforcing transparency around reserve management.
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