Tether International has released its Q3 2025 attestation, prepared by BDO Italia, which shows that year-to-date net profit exceeds $10 billion. Management reported reserves of $181.22 billion against liabilities of $174.45 billion as of September 30, resulting in excess reserves of $6.77 billion.
The assurance report reviewed Tether’s Financial Figures and Reserves Report. It offered reasonable assurance under ISAE 3000 and specified that it was a point-in-time assessment. The company also stated that proprietary investments are not included in the assets backing issued tokens. BDO’s work verified the assets that support tokens in circulation and reconciled figures to the reporting date.
Tether reported a record exposure to U.S. Treasuries. Direct and indirect holdings reached about $135 billion at quarter’s end. That level places the firm among the top global holders and above South Korea, ranking 17th among Nations holding U.S. Treasuries. The company linked the earnings profile to coupon income from short-dated bills and related cash equivalents.
USDT Supply Growth and Issuance
USDT issuance accelerated in the quarter. Tether said it created more than $17 billion in new tokens during Q3. The circulating supply rose to more than $174 billion by September 30. The company also cited a user base of over 500 million for its digital dollar products.
In addition, the firm indicated a reserve mix that was based on cash, Treasury bills, and repurchase agreements to support redemptions. Short-dated instruments support liquidity in the near future. The strategy offers same-day or next-day settlement, utilizing operational means based on volume and counterpart. These mechanics are consistent with the emphasis on stability and access mentioned earlier.
Tether reported changes after quarter-end. Management said tokens in circulation surpassed $183 billion in October. The company attributed the increase to sustained demand in trading, payments, and settlement use cases. It also noted that figures can move with issuance and redemptions over time.
The attestation also detailed non-Treasury assets. Gold holdings totaled $12.9 billion, while bitcoin holdings were approximately $9.9 billion at the quarter’s close. Those positions represented about 13% of Total reserves at the reporting date. Tether said these assets complement cash, cash equivalents, and short-term securities.
Corporate Actions and Licensing Updates
Moreover, Tether announced a share buyback program targeted at institutional investors. The company applied for an Investment Fund License in El Salvador under the new Private Alternative Investment Fund law. These moves did not change reserve policies for token backing. The group said it would keep a multi-billion-dollar excess reserves position.
Management reported progress on a prior legal matter. In October, the firm completed the settlement of the Celsius litigation using proprietary investment capital. Tether stated that the payment did not impact the reserves that support the tokens in circulation. The company framed this distinction as part of its separation between backing assets and other corporate investments.
Tether said it will continue to invest in its digital dollar ecosystem while funding projects in AI, energy, and communications via affiliates. Management reiterated that such proprietary investments do not form part of the reserves that secure the tokens. The company also continues to explore products for regulated markets. In September, it announced plans for a U.S.-focused stablecoin, USAT, expected to debut by year’s end, subject to compliance.
Tether commented on audit readiness earlier this year. The CEO stated that the company has engaged a Big Four firm regarding a potential comprehensive audit. The attestation remains the current external assurance format. Any audit process would expand testing beyond ISAE 3000 procedures.