Tether International, S.A. de C.V. (TI) recently released its Q3 2025 attestation, prepared by BDO, a global independent accounting firm. The report is said to confirm the accuracy of Tether’s Financial Figures and Reserves Report (FFRR), and also aims to offer a more transparent, comprehensive view of the assets backing the stablecoin USD₮ in circulation (which is reported as being accurate as of September 30, 2025).
At the end of Q3 of this year, Tether‘s year-to-date net profit is said to have surpassed the $10 billion mark. This now reconfirms stablecoin company Tether as one of the profitable as well as “financially sound” privately controlled businesses.
Meanwhile, the company said that it continues to invest in expanding its digital dollar ecosystem, claiming to exceed 500 million users throughout the world, while backing initiatives across different fields, including AI, Energy, and P2P communication. According to Tether, these efforts aim to enable and provide stability to communities via digital technology and modern finance. Excess reserves at “$6.8 billion remain a strong buffer,” the company has claimed.
The added that this past Q3 2025 marked another milestone quarter for Tether, with more than $17 billion in additional USD₮ being issued, representing one of the company’s “strongest performances to date, and bringing the total circulating supply to over $174 billion.”
This growth underscores Tether’s role as the so-called digital dollar, with a stated focus on “combining stability, transparency, and global accessibility.”
Tether’s total exposure to U.S. Treasuries, direct and indirect, reached an all-time high of “approximately $135 billion, making Tether one of the world’s largest holders of U.S. government debt and surpassing South Korea to rank 17th among Nations holding U.S. Treasuries.”
The firm’s gold and bitcoin reserves stood at “$12.9 billion and $9.9 billion, respectively, representing about 13% of total reserves and reflecting a diversified, forward-looking reserve strategy.”
In October of this year, Tether also finalized the settlement of the Celsius litigation using proprietary investment capital, without impacting the “reserves backing the token in circulation, which had meanwhile surpassed $183 billion.”
As stated in the update, Tether Holdings has applied for an Investment Fund License in El Salvador under the “newly adopted Private Alternative Investment Fund law.”
Additionally, Tether has recently launched a share buyback initiative, with prospective “participation by institutional investors interested in a private placement.”
Tether concluded that it will continue to “maintain a multi-billion-dollar excess reserve buffer and an overall proprietary Group equity approaching $30 billion.”
As of September 30, 2025, the Management of the firm asserts:
- The Reserves for Tether tokens in circulation amount to $181,223,149,214.
- The Liabilities of the Company amount to $174,445,364,503 of which $174,356,634,812 relates to digital tokens issued.
- The Value of the assets composing the Reserves as of 30 September 2025 exceeds the “value of the liabilities of the Company by $6,777,784,711.”
- Investments through Tether Holdings S.A. de C.V. and Tether Investments, S.A. de C.V. in sectors such as AI, renewable energy, and communications infrastructure are “not included in the reserves backing issued tokens.”
