Tether’s Profit Machine Keeps Running, Fueled by Treasury Holdings

Tether’s earnings momentum shows no signs of slowing.

The world’s largest stablecoin issuer reported that it minted $17 billion in new USDT during the third quarter, bringing its total annual profit to more than $10 billion, according to its latest attestation released Friday.

The company did not disclose an exact quarterly profit figure, but the results imply that Tether earned at least $4.3 billion between July and September, based on its previously reported $5.7 billion profit for the first half of the year.

CEO Paolo Ardoino said the latest results underscore “continued trust and strength behind Tether” despite global macroeconomic uncertainty.

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The attestation, prepared by BDO, also showed that Tether’s exposure to U.S. Treasuries climbed to $135 billion, alongside nearly $13 billion in precious metals and $10 billion in Bitcoin.

Stablecoin Competition Intensifies

While Tether remains the dominant issuer of USD-pegged stablecoins, JPMorgan noted this week that Circle’s USDC has been growing faster in both onchain activity and market capitalization.

The company recently claimed to have reached over 500 million users, and in September, Bloomberg reported that Tether was in talks to raise as much as $20 billion at a valuation near $500 billion – a move that would underscore its widening lead in the digital-asset payments ecosystem.