Tether’s $10 Billion Growth: Digital Bank’s Holdings Surpass Conventional Competitors

Tether, recognized as the leading stablecoin provider globally, achieved an unprecedented $10 billion in net earnings during the first three quarters of 2025. This performance was fueled by strong returns from its broad reserve portfolio and heightened interest in its

token. According to the company’s attestation, which was independently reviewed by BDO, Tether’s total reserves reached $181.2 billion. Of this, $135 billion was held in U.S. Treasuries, $12.9 billion in gold, and $9.9 billion in . These holdings make the 17th-largest holder of U.S. government debt worldwide, surpassing countries such as South Korea, Germany, and the UAE, as reported by .

The report also points to Tether’s deliberate move into tangible assets, with its gold-backed XAUT token reaching a $2.1 billion valuation in October. Each token is backed 1:1 by physical gold stored in Switzerland, and its value has risen alongside gold prices, which hit $4,379 per ounce in October amid inflation and global tensions, according to

. Tether’s CEO Paolo Ardoino highlighted this achievement, describing XAUT as “the next step in asset ownership, blending physical security with digital accessibility” during .

Tether’s robust financial position is further highlighted by its $6.8 billion in surplus reserves, providing a safeguard against $174.4 billion in liabilities. In the third quarter of 2025, the company issued $17 billion in new USDT tokens, raising the stablecoin’s market capitalization to $183.3 billion—a 34% growth since the year began. With over 500 million users worldwide, USDT has strengthened its leadership in developing economies, serving as a digital substitute for volatile local currencies, according to the Crypto Economy report.

The company’s profitability has been boosted by its significant investments in high-yield U.S. Treasuries. Ardoino remarked that Tether’s Treasury holdings “underscore our commitment to being a cornerstone of stability in both finance and technology.” This approach, similar to conventional banking, allows Tether to earn returns in a high-interest environment while maintaining USDT’s $1 value. Tether’s third-quarter profits outpaced those of major banks such as Bank of America ($8.9 billion) and U.S. Bank ($5.5 billion) for the same timeframe.

Looking forward, Tether is gearing up for new initiatives, including the introduction of USAT, a dollar-pegged token designed for the U.S. market in collaboration with Anchorage Digital Bank. The company also unveiled a share repurchase program to attract institutional investors and has applied for an investment fund license in El Salvador, taking advantage of the country’s crypto-friendly stance, as noted in the Crypto Economy report.

Despite facing increased regulatory attention from U.S. and European authorities, Tether has strengthened trust in its operations through regular reserve audits and a settlement with the bankrupt Celsius Network using its own capital, the report concluded.