Tether, one of the leading names in the cryptocurrency market, announced that it made a net profit of nearly 10 billion dollars in the first nine months of 2025. The assurance report prepared by the company by an independent audit firm confirmed these figures and also revealed the financial strength of the company and its position in the global arena. The report states that the difference between the company’s reserves and liabilities functions as a “strong buffer” and, in the company’s own words, reinforces its identity as a “Stablecoin Company”.
Tether’s Financial Performance and Reserve Structure
According to the report, as of the third quarter of 2025, Tether’s token-backed reserves are at 181.2 billion dollars and its liabilities are at 174.4 billion dollars. The difference, amounting to approximately $6.8 billion, is presented as the company’s liquidity buffer.
Additionally, Tether’s direct and indirect exposure to US government bonds reached $135 billion, surpassing portfolios of countries such as South Korea. Company CEO Paolo Ardoino pointed out the growth by saying, “Despite the difficult macro conditions in the global economy, we see that confidence and power are behind us.”
Tether does not only have cash in its reserves; approximately $12.9 billion in gold and $9.9 billion in Bitcoin (BTC). 
$110,116.33 It also includes investment. These assets constitute approximately 13 percent of total reserves. In the third quarter, USDT token supply alone expanded with more than $17 billion in new production, bringing the total supply to $174 billion.
Other Developments in the Industry and Tether’s Competitive Environment
On the other hand, Circle Internet Group, which operates in a similar field, ranks second in the stablecoin market and has a circulating supply of approximately $60 billion. While Circle is slated to go public in June 2025, Tether is still a private company and has no plans to go public for now. It was also reported that Tether decided to end USDT support on five legacy blockchains. This move is seen as part of its strategy to optimize its infrastructure and direct resources to actively used chains.
Finally, it was also reported in financial circles that the company expects a profit of nearly 15 billion dollars for 2025. This expectation reinforces Tether’s strong signals of profit and growth.
In summary, Tether’s performance in the first nine months of 2025 shows how large and profitable the stablecoin market has become. However, transparency and audit questions that come with high profit figures and intense bond investments will continue to gain importance in the long term. The strategic steps of Tether, one of the leading actors in the market, should be closely monitored in the light of regulatory pressure and competitive conditions.
