Stablecoin issuer Tether has reached a major financial milestone, becoming the 17th largest holder of U.S. Treasury securities. With $10 billion in profits so far this year, the company has solidified its position as one of America’s most profitable private entities , a stunning feat for a cryptocurrency firm.
With 135 billion of U.S Treasuries, Tether is now the 17th largest holder of U.S debt, passing also South Korea.
Soon Brazil! pic.twitter.com/wUDyvGcSHE— Paolo Ardoino ? (@paoloardoino) October 29, 2025
According to Tether’s latest quarterly report, released on October 31, the firm generated more than $4.3 billion in profit during Q3 2025 alone, pushing its year-to-date earnings past the $10 billion mark. The company attributed its explosive performance to soaring demand for USDT, its flagship U.S. dollar–pegged stablecoin.
Tether’s Explosive Growth in 2025
Between July and September 2025, Tether issued $17 billion worth of new USDT, bringing the total circulating supply to more than $174 billion.
As of today, the stablecoin’s market capitalization stands at approximately $183 billion, supported by a global user base exceeding 500 million people.
“This is one of the greatest stories of financial inclusion in human history,” said Paolo Ardoino, CEO of Tether. “USDT has become a lifeline for people in emerging markets, helping them preserve purchasing power and access the digital economy.”
In regions like Bolivia and parts of Africa and Southeast Asia, USDT is increasingly used as a store of value and payment method, often outperforming local currencies in reliability and accessibility.
A Financial Powerhouse Backed by U.S. Debt
Tether also confirmed that every token in circulation is fully backed by reserves. The company reported $181 billion in total assets and reserves as of October 1, 2025, including a $6.8 billion surplus in excess collateral.
Most notably, $135 billion of those reserves are invested in U.S. Treasury securities, ranking Tether as the 17th largest holder of U.S. government debt , ahead of sovereign nations such as Saudi Arabia, the UAE, Germany, and South Korea.
This development underscores how Tether has evolved from a crypto startup into a major institutional player influencing global fixed-income markets.
A Milestone for Stablecoins
Tether’s performance highlights the sustainability and profitability of the stablecoin model, which combines blockchain technology with traditional financial instruments. With $183 billion in market capitalization, USDT remains the world’s largest stablecoin, far ahead of Circle’s USDC, which holds around $75 billion.
The report also comes amid a favorable policy environment for stablecoins following the passage of the GENIUS Act earlier this year , a legislative milestone that has accelerated the creation of USD-, euro-, yen-, and even Hong Kong dollar–backed digital currencies.
Market analysts say Tether’s results demonstrate that stablecoins are no longer niche crypto tools, but core financial instruments bridging digital assets and the global monetary system.
