Tether Reports $10B Profit in 2025 as USDT Reserves and Issuance Grow
Tether reported roughly $10 billion in net profit for the first nine months of 2025, backed by an independent audit and a substantial reserves position. As of Q3, Tether’s reserves stood at about $181.2 billion versus $174.4 billion in liabilities, leaving a $6.8 billion liquidity buffer. Key reserve holdings include roughly $135 billion in U.S. government bonds, $12.9 billion in gold and about $9.9 billion in Bitcoin. USDT supply rose by about $17 billion during the quarter to roughly $174 billion total. Tether also said it will discontinue USDT support on five blockchains to simplify infrastructure. The company remains privately held with no IPO plans. Analysts project 2025 profits could reach as high as $15 billion. The results underscore Tether’s dominant market position and its transformation into a large cash-management operation that generates interest and trading income from reserve assets. For traders: stronger Tether cash flow and reserve yields can support stablecoin liquidity and dampen USDT market volatility, but regulatory scrutiny and reserve transparency remain material risks to monitor.
Bullish
The news is broadly bullish for USDT in both the short and medium term. Strong audited profits, a sizable reserves-to-liabilities buffer, and continued growth in USDT supply signal robust liquidity support for crypto markets and reduced risk of sudden stablecoin-driven runs. Large holdings in high-grade assets (U.S. government bonds) and meaningful reserves in Bitcoin also strengthen market confidence. The planned removal of USDT support on five blockchains is an operational consolidation that may slightly reduce fragmentation and improve liquidity routing. However, persistent regulatory scrutiny and questions about reserve transparency create an overhang that could trigger volatility if negative developments emerge. Short term: likely positive — traders may view this as supportive of USDT stability and use it for funding and arbitrage. Medium/long term: still positive provided audits and transparency continue; a regulatory action or revelation about reserve composition could flip sentiment quickly.