Tether Generated Over $10 Billion in Profit for First Three Quarters of 20

Tether, the issuer of USDT stablecoin, has disclosed reaching a $10 billion profit for 2025. The firm disclosed this in its latest attestation, noting that it achieved this between the first and third quarters.

The profits from the first three quarters of the year indicate that Tether is on track to reach the $15 billion in expected profits it has set for the year.

Tether Hits Record-High in US Treasuries Exposure Amidst Growth

According to the report, the over $10 billion in profits as of the end of Q3 comes amidst massive growth. It described it as confirmation of Tether’s status as one of the most profitable private companies.

The company highlighted some of its performance year-to-date, noting the milestone of over 500 million users. With that, it also saw the supply of USDT increasing, issuing over $17 billion USDT in Q3 alone. This took its total circulating supply to $174 billion.

Unsurprisingly, the stablecoin issuer also increased its exposure to the US Treasuries. This reached an all-time high of $135 billion, surpassing South Korea, the 17th-largest holder of US Treasuries.

Meanwhile, the company also holds $12.9 billion in gold and $9.9 billion in Bitcoin. The two assets represent 13% of its reserves, which is currently in excess of $6.8  billion.

Speaking on the achievements so far this year, Tether CEO Paolo Ardoino described it as a sign of strength.

He said:

“Q3 2025 results reflect the continued trust and strength behind Tether, even amid a global challenging macroeconomic environment, reinforcing Tether’s brand as the ‘Stable Company’”

Meanwhile, the company stated that it has now settled the lawsuit with Celsius, with no impact on its reserves.  USDT’s circulating supply reached $183 billion by the end of October, indicating an addition of around $9 billion in just one month.

Crypto Users Complain of Stablecoin Fatigue

Tether’s recent report highlights a consistent growth that has made it the dominant stablecoin player. The company’s USDT currently has a 59.64% market dominance, with its closest competitor being Circle USDC  with $75.54 billion.

While the two stablecoins control over 80% of the market, newer competitors continue to emerge. The latest development is from Western Union, which has announced plans to launch its USDPT stablecoin on Solana. The company also trademarked WUUSD this week, showing a strong crypto intent.

However, the proliferation of stablecoins is starting to get to crypto users. Onchain sleuth ZachXBT observed that he is developing a “stablecoin ticker fatigue” while observing the potential challenges.

He described a scenario where users might face interoperability issues with newer stablecoins, which may not be supported on some blockchain networks.

Many other crypto users also share this view. Bitcoin OG Jameson Lopp acknowledged this, saying:

“They told us the world would settle upon a Bitcoin standard. Instead, we got a thousand different US Dollar tokens that aren’t even compatible with each other.”