Tether (USDT) has published its latest earnings report, which shows a $10 billion profit year-to-date. The report shares year-to-date profit exceeded $10 billion and excess reserves totaled $6.8 billion. Tether’s on track to make $15 billion this year thanks to the 2025 stablecoin rally.
Tether reserves were reported at $181.22 billion against $174.45 billion in liabilities, including $174.36 billion related to tokens in circulation. USDT issuance increased by more than $17 billion during Q3, lifting circulating supply above $174 billion. “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’,” said CEO Paolo Ardoino. “Investors and users alike continue to turn to USDT as the most reliable and liquid digital dollar, proving the enduring confidence in Tether’s model,” stated Ardoino.
Additionally, back in September, Tether also announced USAT, a new stablecoin that will be regulated in the U.S. under the GENIUS Act. “The simultaneous introduction of both the token and CEO reflects Tether’s commitment to delivering a U.S.-regulated dollar-backed stablecoin backed by transparent reserves, strong governance, and American leadership from day one,” Tether said. USDT is already a premium stablecoin offering from Tether, with a market cap of over $169B.
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The approval of the GENIUS stablecoin act this summer opened the floodgates for institutions to dive into crypto and stablecoins in particular, sending the industry soaring in value. Now, stablecoins have caught the attention of the whole world, with many customers looking to delve into alternatives to fiat currency. That has allowed issuers like Tether and Circle to thrive in 2025, with institutional interest at an all-time high.