Tether’s $135 Billion Treasury Holdings Now Comparable to Major Nations

Tether International S.A. de C.V., the company behind the world’s largest stablecoin, announced that its net profits for the year so far have surpassed $10 billion by the third quarter of 2025, as reported by

, fueled by strong demand for its USD₮ token and significant investments in U.S. Treasuries. The firm’s exposure to U.S. government bonds hit a record $135 billion, making the 17th largest holder of U.S. Treasuries worldwide, , overtaking South Korea and ranking above countries such as Germany and Saudi Arabia, as . This achievement highlights the increasing role of stablecoins in mainstream finance, with Tether’s reserves now comparable to those of national governments.

The Q3 2025 attestation, conducted by BDO—one of the world’s top five accounting firms—validated Tether’s financial openness and reserve structure, as stated in

. The company reported $181.2 billion in total reserves supporting $174.4 billion in liabilities, leaving a surplus of $6.8 billion. Most of these assets are in U.S. Treasuries, alongside $12.9 billion in gold and $9.9 billion in . CEO Paolo Ardoino stressed that this diversified reserve base strengthens Tether’s reliability, stating, "Tether stands as a pillar of stability in the financial and tech ecosystem."

During the third quarter, Tether expanded by issuing an additional $17 billion in

, bringing the total supply to over $174 billion. This growth further cemented its leadership in the stablecoin sector, even as Circle’s saw a 72% increase in market cap year-to-date, compared to USDT’s 32% rise, . Tether also surpassed 500 million users worldwide, reflecting the expanding reach of its digital dollar platform.

The sharp increase in Treasury holdings corresponds with regulatory changes, particularly the U.S. GENIUS Act, which requires stablecoin reserves to be kept in low-risk assets. Tether’s Treasury assets grew swiftly from $65 billion in the first quarter of 2025 to $135 billion by September, as the company adapts to new compliance standards. This approach not only boosts Tether’s liquidity but also allows it to benefit from interest earnings on its large Treasury holdings, driving its impressive profitability.

In addition to Treasuries, Tether has broadened its financial approach. The company initiated a share repurchase program for institutional investors and applied for an Investment Fund License in El Salvador under the country’s new Private Alternative Investment Fund law. Tether also resolved its legal dispute with the bankrupt crypto lender Celsius using its own funds, ensuring that USDT’s backing remained unaffected.

Despite Tether’s robust financial position, it continues to face challenges. The stablecoin is under ongoing scrutiny regarding transparency and regulatory adherence, especially as central banks and legislators assess the potential risks of large stablecoins. Nevertheless, Tether’s CEO remains optimistic about its framework, revealing plans to introduce USAT—a U.S.-regulated stablecoin compliant with the GENIUS Act—to further expand in the American market.

Tether’s strategic moves, including investments in artificial intelligence, renewable energy, and peer-to-peer communication technologies, are designed to grow its ecosystem beyond just finance. Ardoino highlighted that Tether’s proprietary equity is nearing $30 billion, demonstrating its innovative strength and resilience in a volatile global economy.