Tether the issuer of the world’s largest stablecoin, said on Friday that its net profit exceeded $10 billion for this year as its flagship token grew to a market value of $174 billion in the third quarter of 2025.
According to the company’s latest attestation signed by accounting firm BDO Italy, the company ended the quarter with $6.8 billion in excess reserves and maintained a buffer over its $174.4 billion in USDT-linked liabilities.
“With its record exposure to US Treasuries now totaling $135 billion, it positions our company as the 17th largest holder of US debt,” CEO Paolo Ardoino said in a statement.
The company also held $12.9 billion in gold and $9.9 billion in bitcoin according to the certificate.
Tether also announced the initiation of a share buyback program with “potential participation by institutional investors interested in a private placement.” Bloomberg previously reported that Tether was looking to raise up to $20 billion, with Ark Invest, SoftBank among the firms interested in the round.
Tether added that it has applied for an investment fund license in El Salvador, where the company is headquartered. It also confirmed that it settled lawsuits with bankrupt crypto-lender Celsius in October using its own capital, not from reserves backing issued tokens.
The report comes as stablecoins are growing rapidly globally, with Tether at the center as the issuer of the largest digital dollar in the market. The circulating supply of USDT passed $174 billion at the end of September, growing by $17 billion in the third quarter.
The crypto firm is gearing up to roll out a new stablecoin dubbed USAT later this year, focused on the US market and issued with crypto bank Anchorage Digital. The company is also looking at two to three investments to increase token distribution, similar to Tether’s stake in video-sharing platform Rumble, where tokens will be used to tip creators, Ardoino said in an interview with CoinDesk in Lugano, Switzerland.
Read more: Tether Eyes Fresh Investments to Push USAT Stablecoin to 100 Million Americans at December Launch
