Tether International, S.A. de C.V. (TI) today published its Q3 2025 attestation, prepared by BDO, a top-five global independent accounting firm. The report confirms the accuracy of Tether’s Financial Figures and Reserves Report (FFRR), and provides a transparent, detailed view of the assets backing USD₮ as of September 30, 2025.
At the end of Q3 2025, Year-to-date net profit surpassed the $10 billion mark. This reconfirms Tether as one of the most profitable and financially sound privately controlled businesses. At the same time, the Company continues to invest in growing its digital dollar ecosystem, surpassing 500 million users globally, while developing innovative, groundbreaking initiatives across various fields, such as AI, Energy, and P2P communication, to empower and provide stability to entire communities through technology and finance. Excess reserves at $6.8 billion remain a strong buffer.
Q3 2025 marked another milestone quarter for Tether, with over $17 billion in new USD₮ issued, representing one of the Company’s strongest performances to date, and bringing the total circulating supply to over $174 billion. This growth underscores Tether’s role as the leading digital dollar, combining stability, transparency, and global accessibility.
Tether’s total exposure to U.S. Treasuries, direct and indirect, reached an all-time high of approximately $135 billion, making Tether one of the world’s largest holders of U.S. government debt and surpassing South Korea to rank 17th among Nations holding U.S. Treasuries.
The Company’s gold and bitcoin reserves stood at $12.9 billion and $9.9 billion, respectively, representing about 13% of total reserves and reflecting a diversified, forward-looking reserve strategy.
In October, Tether also completed the settlement of the Celsius litigation using proprietary investment capital, without affecting the reserves backing the token in circulation, which had meanwhile surpassed $183 billion.
Separately, Tether Holdings, S.A. de C.V., has applied for an Investment Fund License in El Salvador under the newly adopted Private Alternative Investment Fund law.
In parallel, leveraging its high profitability and financially sound business, Tether also launched a share buyback initiative, with prospective participation by institutional investors interested in a private placement. While these strategic initiatives are being completed, Tether will continue to maintain a multi-billion-dollar excess reserve buffer and an overall proprietary Group equity approaching $30 billion.
As of September 30, 2025, the Management of the Company asserts:
- The Reserves for Tether tokens in circulation amount to $181,223,149,214.
- The Liabilities of the Company amount to $174,445,364,503 of which $174,356,634,812 relates to digital tokens issued.
- The Value of the assets composing the Reserves as of 30 September 2025 exceeds the value of the liabilities of the Company by $6,777,784,711.
- Proprietary investments through Tether Holdings S.A. de C.V. and Tether Investments, S.A. de C.V. in sectors such as AI, renewable energy, and communications infrastructure are not included in the reserves backing issued tokens.
“Q3 2025 results reflect the continued trust and strength behind Tether, even amid a global challenging macroeconomic environment, reinforcing Tether’s brand as the ‘Stable Company’,” said Paolo Ardoino, CEO of Tether. “Investors and users alike continue to turn to USD₮ as the most reliable and liquid digital dollar, proving the enduring confidence in Tether’s model. With its all-time high exposure to U.S. Treasuries, now amounting to $135 billion, it positions our company as the 17th largest holder of U.S. debt. Tether stands as a pillar of stability in the financial and tech ecosystem. Our consistent growth and discipline show that Tether is not only meeting global demand but also helping reinforce confidence in the broader digital economy.”
For more information, please refer to the latest Financial Figures and Reserves Report here.
