Tether's annual profits top $10 billion as Treasury holdings swell

Tether's profit machine doesn't appear to be slowing down as the world's largest issuer of stablecoins said Friday in its latest attestation that it issued an additional $17 billion in USDT during the third quarter of this year.

While the El Salvador-based company didn't specify its net income for the third quarter, it did state that profits for the year have exceeded $10 billion. Given that Tether said in July it had posted $5.7 billion in profit through two quarters, it appears the company's third-quarter profits surpassed at least $4.3 billion, according to company statements.

"Q3 2025 results reflect the continued trust and strength behind Tether, even amid a global challenging macroeconomic environment," Tether CEO Paolo Ardoino said in a statement on Friday.

As a private company, Tether does not publish standard quarterly earnings reports, but instead attestations prepared by BDO. In previous quarters, Tether has tended to break out and specify its profits for the quarter.

Tether said its total exposure to U.S. Treasuries reached $135 billion. The company also holds nearly $13 billion in precious metals and $10 billion in Bitcoin.

Although still the clear leader among USD-pegged stablecoins, JPMorgan said this week that Circle's USDC token is growing faster than Tether's when measured by onchain activity and market capitalization.

Earlier this month, Tether said it hit more than 500 million users. In September, Bloomberg reported Tether is in talks with investors to raise as much as $20 billion at around a $500 billion valuation.