Tether's net profit in 2025 surpassed $10 billion, as reported in Q3.
Tether International's net profit for the first nine months of 2025 exceeded $10 billion, as reported in the company's third-quarter financial statement.
As of September 30, the issuer of the largest dollar stablecoin by market capitalization had issued approximately 174.4 billion USDT. During the reporting period, the market supply of the coin increased by more than 17 billion USDT, marking one of the highest figures for Tether.
The reserves backing the company's flagship asset reached $181.2 billion, exceeding liabilities by $6.8 billion.
The volume of direct and indirect investments in U.S. Treasury bonds reached a historic high of $135 billion. In the global ranking of U.S. debt holders, Tether climbed to 17th place, surpassing South Korea.
The number of USDT users worldwide exceeded 500 million.
According to the company, it continues to invest in the development of the "digital dollar" ecosystem while also pursuing initiatives in areas such as artificial intelligence, energy, and P2P communications.
The firm also reported that it settled claims with Celsius in a legal proceeding using its own capital. Tether Holdings' subsidiary registered in El Salvador has applied for an investment fund license under the country's newly enacted law.
Tether International launched a share buyback program, inviting institutional investors interested in private placements to participate. The company plans to maintain its existing financial "buffer" of excess reserves and free capital amounting to approximately $30 billion.
"The third-quarter results reflect Tether's continued trust and strength even amid a challenging global macroeconomic environment, reinforcing our brand as the 'Stablecoin Company'. [...] Confident growth and discipline demonstrate that Tether not only meets global demand but also contributes to strengthening trust in the digital economy as a whole," stated USDT issuer CEO Paolo Ardoino.
At the time of writing, the market capitalization of the stablecoin segment approached $311 billion. USDT and USDC from Circle dominate with figures of $183.4 billion and $75.8 billion, respectively.
However, JPMorgan analysts noted that the on-chain activity and market capitalization of Tether's competitor's coin are growing significantly faster, writes The Block.
Since January, the supply of USDC increased by 72%, whereas USDT's grew by 32%. This trend indicates a shift in market interest towards stablecoins that comply with regulatory requirements, according to experts at the bank led by Managing Director Nikolaos Panigirtzoglou.
"Transparent reserve management of USDC and regular audits enhance trust among institutional investors and other regulated organizations. Furthermore, the asset's compliance with regulatory frameworks such as the European set of rules MiCA distinguishes it among competitors, making it the preferred stablecoin for financial institutions," stated JPMorgan analysts.
In their assessment, USDC's circulation speed noticeably increased following the implementation of cryptocurrency regulations in the EU, with an additional boost from the adoption of the Genius Act in the U.S.
USDT did not receive approval in the EU following MiCA's enactment and faced delisting on European crypto exchanges. In contrast, USDC "gained momentum" through integration with Visa, Mastercard, Stripe, and other payment systems. The market performance growth of Circle's stablecoin was aided by its presence on blockchains such as Solana and Base, where DeFi activity is actively expanding.
An additional advantage of USDC, according to JPMorgan, is the cross-chain protocol CCTP, which allows for quick and secure movement of stablecoins between networks.
USDT dominates exchange trading outside the U.S., but this status may be threatened if the adopted USDC model becomes the standard for stablecoin acceptance worldwide, JPMorgan analysts emphasized.
In October, Ardoino confirmed that Tether will enter the United States market by the end of the year with a specially created regulated "stablecoin" USAT.
JPMorgan warned that the expansion of the stablecoin market in the U.S. could turn into a zero-sum game if the global asset volume does not continue to grow accordingly.