Tether Reports Over $10 Billion Year-to-Date Profit, Becomes 17th Largest U.S. Treasury Holder

Tether International reported year-to-date net profit exceeding $10 billion through the third quarter, cementing its position as one of the world's most profitable privately held companies, according to an attestation report published by accounting firm BDO.

The stablecoin issuer minted over $17 billion in new USDT tokens during Q3, bringing total circulating supply to more than $174 billion by September 30. The supply has since grown to surpass $183 billion in October, reflecting surging demand for dollar-pegged digital assets amid global macroeconomic uncertainty.

Tether's exposure to U.S. Treasury securities reached an all-time high of approximately $135 billion, making it the 17th largest holder of U.S. government debt globally and surpassing South Korea's holdings. The company maintains $6.8 billion in excess reserves beyond what's required to back circulating tokens.

Total reserves backing USDT stood at $181.2 billion as of quarter-end, exceeding liabilities of $174.4 billion. The reserve portfolio includes $12.9 billion in gold and $9.9 billion in bitcoin, representing roughly 13% of total reserves.

"Investors and users alike continue to turn to USDT as the most reliable and liquid digital dollar, proving the enduring confidence in Tether's model," said CEO Paolo Ardoino.

The company reported reaching over 500 million users globally and is expanding investments in artificial intelligence, renewable energy, and communications infrastructure through separate entities not included in token reserves.

In October, Tether settled litigation with bankrupt crypto lender Celsius using proprietary investment capital without affecting token reserves. The company also launched a share buyback initiative targeting institutional investors and applied for an investment fund license in El Salvador.

Tether Holdings maintains approximately $30 billion in group equity, according to the company.