Tether, the prominent stablecoin issuer, has delivered impressive financial results in the third quarter (Q3) of 2025. Key takeaways include a year-to-date net profit exceeding $10 billion and a significant increase in US Treasury holdings. This analysis delves into Tether’s Q3 performance, highlighting crucial insights from their attestation report released on October 31st, 2025. Tether reported a year-to-date net profit of over $10 billion as of September 30th, 2025, exceeding expectations. This strong financial performance positions Tether among the world’s most profitable private companies. The firm distributed nearly $10.4 billion in dividends during the first three quarters of 2025, surpassing its net profit for the period. Tether’s exposure to US Treasury securities reached a record high at $135 billion, exceeding South Korea’s holdings, and marking a significant rise from the second quarter’s $127 billion. This surge in Treasury exposure is attributed to Tether’s increased issuance of USDT tokens during Q3 2025, leading to an increase in circulating supply of $174.4 billion as of September 30th. Furthermore, their attestation report revealed that Tether maintained a total reserve base exceeding $181.2 billion by September 30th. Their financial performance demonstrates accelerating profitability throughout 2025. Tether’s liabilities also experienced significant growth, reaching $174.4 billion at the end of Q3, partly driven by growing demand for USDT and increased token issuance. Tether’s robust financial performance has been fueled by strong market conditions, with a user base exceeding 500 million globally. Key factors contributing to this success include Tether’s continued commitment to transparency and its proactive approach to regulatory compliance. Notably, the company recently secured regulatory approval in El Salvador, solidifying its position as a key player in the stablecoin ecosystem.