Tether just dropped Q3 numbers and they're printing money.
$1.5B net profit last quarter. $4.5B for the first 9 months of 2025. Excess reserves nearly doubled to $7.95B.
$USDT supply sitting at ~$184B. Reserve assets at $191.5B. That's a comfortable cushion.
Breakdown:
• $132.4B in US Treasuries (direct + indirect)
• $19.08B in precious metals
• $8.37B in $BTC
• $4.18B in equities
• $14.18B in secured loans
Most profits coming from T-bills and reverse repos. Short-term, liquid stuff that can handle redemptions when markets go sideways.
BDO attestation confirms the numbers. Reserves > liabilities by ~$8B.
Tether's basically the most profitable company nobody talks about. While everyone's arguing about regulation, they're stacking billions in real yield.
$1.5B net profit last quarter. $4.5B for the first 9 months of 2025. Excess reserves nearly doubled to $7.95B.
$USDT supply sitting at ~$184B. Reserve assets at $191.5B. That's a comfortable cushion.
Breakdown:
• $132.4B in US Treasuries (direct + indirect)
• $19.08B in precious metals
• $8.37B in $BTC
• $4.18B in equities
• $14.18B in secured loans
Most profits coming from T-bills and reverse repos. Short-term, liquid stuff that can handle redemptions when markets go sideways.
BDO attestation confirms the numbers. Reserves > liabilities by ~$8B.
Tether's basically the most profitable company nobody talks about. While everyone's arguing about regulation, they're stacking billions in real yield.