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Tether reported year-to-date profits exceeding $10 billion through the first nine months of 2025, up from $5.7 billion through the first half, implying Q3 profits above $4.3 billion.
What’s the scoop?
- Issuance Expansion: The company issued $17 billion in additional USDT during Q3, contributing to overall growth amid sustained demand.
- Asset Breakdown: Total U.S. Treasury exposure reached $135 billion, complemented by $13 billion in precious metals and $10 billion in Bitcoin holdings.
- User Milestone: Tether surpassed 500 million users earlier this month, reflecting broader adoption.
- Fundraising Discussions: In September, the firm entered talks to raise up to $20 billion at a $500 billion valuation, with interest from investors like SoftBank and Ark Invest.
- Competitor Shift: JPMorgan stated this week that Circle's USDC grew 72% year-to-date to $74 billion in market cap, outpacing USDT's 32% rise, based on onchain activity and regulatory compliance.
Bankless Take:
While Tether's non-stop reported earnings continue to be eye-popping, what stands out more to me is USDC's outpacing of USDT. Given the geographic breakdown of these two tokens, with 
Circle being the U.S.'s top stablecoin and Tether being the world's top stablecoin, it implies that having a GENIUS-compliant stablecoin is a necessity for stablecoin growth. We'll see how these numbers shape up once Tether's USAT (its GENIUS-compliant stable) launches.
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