Tether: profits above $10B, record exposure to U.S. Treasuries, and strengthening USDT’s position
October 31, 2025 the USDT issuer reported annual net profit exceeding $10 billion and an unprecedented exposure to U.S. Treasury securities of roughly $135 billion. This magnitude places Tether alongside the largest holders of U.S. government debt — a position typically associated with central banks. According to BDO’s Q3 2025 attestation, more than $17 billion of new USDT was issued during the quarter, bringing total circulation to about $174 billion.
- Context and the current picture
- Asset diversification strategy
- Reserves, liabilities, and buffer
- Legal trials and risk management
- Share buyback program and market signals
- Global development and regulation
- Market implications
- Why this matters for Tether
- How to use USDT in practice
- FAQ: common questions
- Conclusions and next step
- Sources and useful links
Context and the current picture
Tether continues to strengthen its influence on the modern financial ecosystem. Over the first nine months of 2025, the company posted net profit above $10 billion, reflecting the impact of high interest rates on short-term U.S. Treasuries and effective reserve management. Amid growing demand for digital dollars, USDT issuance in the third quarter increased by more than $17 billion, with supply reaching approximately $174 billion.
An important aspect of the current picture is the scale of Tether’s participation in the U.S. government debt market: around $135 billion in Treasury exposure. By various estimates and comparisons with country-level holders, this volume puts Tether in the global top 20, ahead of, for example, South Korea. For a private company, such a status is nontrivial and underscores the structural role of stablecoins in channeling liquidity between fiat and cryptocurrencies.
Asset diversification strategy
Tether’s approach to reserves goes beyond “hold lots of Treasuries.” In addition to $135 billion in U.S. Treasury securities, the company holds about $12.9 billion in gold and $9.9 billion in bitcoin. Together these positions account for ~13% of reserves, illustrating a balance between capital preservation and growth potential. This diversification reduces dependency on a single source of yield and adds operational flexibility.
At the same time, the key emphasis remains on safety and liquidity: high-liquidity, low-risk assets dominate, while the share of “volatile” holdings (gold/bitcoin) is kept in check. This allows Tether to adapt to market regimes without jeopardizing USDT’s redeemability at par.
Reserves, liabilities, and buffer
According to the reports, total reserves exceed $181 billion with liabilities around ~$174.4 billion (primarily outstanding USDT). The difference — about $6.8 billion — forms a capital “cushion,” crucial in an environment of rapidly shifting market confidence. The presence of surplus reserves reduces the likelihood of a de-peg in stress scenarios and supports resilience to sudden outflows.
Legal trials and risk management
Recent legal events have been a stress test for reserve resilience. In October 2025, Tether settled the Celsius case using its own investment funds. The reserves backing USDT were not touched, highlighting the company’s ability to resolve legal issues without harming token holders.
Share buyback program and market signals
Against this backdrop, the company announced a share buyback program. For well-capitalized issuers, such steps signal long-term confidence and disciplined capital allocation. For the market, it indicates that Tether aims to maintain balance sheet quality while remaining an active participant in the crypto industry.
Global development and regulation
Beyond financial results, Tether is expanding its regulatory presence. The company applied for an investment fund license in El Salvador under the Private Alternative Investment Fund Law. This move shows an intention to develop regulated business lines while maintaining a focus on transparent management of USDT reserves.
It’s important to distinguish attestations from full audits. Attestations provide independent confirmation of selected metrics and snapshots, whereas a full audit more deeply assesses internal controls and the complete structure of assets/liabilities. Tether seeks a balance, increasing transparency through regular reports while avoiding excessive “rigidity” that could slow operations and reduce flexibility.
Market implications
As the 17th largest holder of U.S. debt, Tether surpasses several nations, including South Korea, and is thus directly connected to broader macroeconomic trends. For the crypto market, this means that Tether’s reserve management decisions influence exchange liquidity, stablecoin-collateralized lending, and the functioning of DeFi protocols.
The $17B+ quarterly increase in USDT issuance reflects sustained demand for “digital dollars” as a settlement and protective instrument. The combination of scale and a diversified reserve structure strengthens Tether’s role as a reliable liquidity provider and a “bridge” between traditional and crypto finance.
Why this matters for Tether
Financial strength and prudent reserve management explain why Tether maintains leadership among stablecoins. The company demonstrates the ability to manage risks and uphold 100% backing of USDT even under pressure. The diversification strategy, engagement in regulated initiatives, and measured expansion reinforce trust among users and partners.
How to use USDT in practice
For retail and institutional participants, USDT remains a convenient tool for entering/exiting volatile assets, settlements, and cross-exchange arbitrage. Two practical ways: hold short-term liquidity in USDT and quickly convert it into base assets (BTC/ETH) when opportunities arise; use USDT as collateral in centralized and decentralized services with careful assessment of platform risks.
USDT and BTC: market data
Bitcoin Price
$103.26K24H % Change
-3.43%Market Cap
$2.06T24H Volume
$64.28BCirculating Supply
19.95MTether Price
$1.0024H % Change
-0.02%Market Cap
$183.43B24H Volume
$103.38BCirculating Supply
183.50BBTC/USDT real-time price chart
USDT to BTC exchange rate
USDT to BTC
| USDT | BTC |
|---|---|
| 0.001 USDT | 0.000000 BTC |
| 0.005 USDT | 0.000000 BTC |
| 0.01 USDT | 0.000000 BTC |
| 0.05 USDT | 0.000000 BTC |
| 0.1 USDT | 0.000001 BTC |
| 0.5 USDT | 0.000005 BTC |
| 1 USDT | 0.000010 BTC |
| 5 USDT | 0.000048 BTC |
| 10 USDT | 0.000097 BTC |
| 25 USDT | 0.000242 BTC |
| 50 USDT | 0.000484 BTC |
| 100 USDT | 0.000968 BTC |
| 150 USDT | 0.001452 BTC |
| 500 USDT | 0.004839 BTC |
| 1000 USDT | 0.009678 BTC |
| 3000 USDT | 0.029033 BTC |
BTC to USDT
| BTC | USDT |
|---|---|
| 0.001 BTC | 103.33123000 USDT |
| 0.005 BTC | 516.65615000 USDT |
| 0.01 BTC | 1,033.31230000 USDT |
| 0.05 BTC | 5,166.56150000 USDT |
| 0.1 BTC | 10,333.12300000 USDT |
| 0.5 BTC | 51,665.61500000 USDT |
| 1 BTC | 103,331.23000000 USDT |
| 5 BTC | 516,656.15000000 USDT |
| 10 BTC | 1,033,312.30000000 USDT |
| 25 BTC | 2,583,280.75000000 USDT |
| 50 BTC | 5,166,561.50000000 USDT |
| 100 BTC | 10,333,123.00000000 USDT |
| 150 BTC | 15,499,684.50000000 USDT |
| 500 BTC | 51,665,614.99999999 USDT |
| 1000 BTC | 103,331,229.99999999 USDT |
| 3000 BTC | 309,993,689.99999994 USDT |
Exchange USDT to BTC quickly and easily
FAQ: common questions
An attestation is an independent check of specific indicators at a given methodology and date, whereas a full audit covers a broader range of procedures, including testing of internal controls and detailed sampling of transactions. For users, it’s important to understand that regular attestations enhance transparency but do not rеplace an audit.
This is a diversification element: Treasuries provide liquidity and yield, while gold and BTC add a non-bank component with different correlations and potential upside. The share of these assets is kept at a moderate level (~13% of reserves) to avoid increasing overall volatility of the backing.
A large exposure to U.S. Treasuries makes Tether an indirect participant in the U.S. debt market. When interest rates change, reserve yields change, which affects the issuer’s profitability and the robustness of its buffer. For the crypto market, this matters because of the dependence on stable USDT liquidity.
USDT is widely used, but risk always exists: counterparty, regulatory, operational. Tether maintains surplus reserves and conducts regular attestations. Investors should diversify risks, store funds on reliable platforms, and avoid exceeding reasonable limits.
The company stated that the settlement was paid from its own investment funds without touching the reserves backing USDT. This demonstrates the priority of token redeemability for holders.
Conclusions and next step
Tether is consolidating its role as a systemic participant: record exposure to Treasuries, a substantial reserve buffer, diversification (gold/bitcoin), and regulated expansion. For users, this means more predictable liquidity and straightforward scenarios for entering/exiting crypto assets. The next step is to define your tactic: hold liquidity in USDT, use it as a bridge asset for fast conversion, and keep an eye on the issuer’s reports.
