Tether достигла рекордной чистой прибыли в $10 млрд, несмотря на растущую конкуренцию со стороны USDC. Translation: Tether achieved a record net profit of $10 billion despite rising competition from USDC.

Tether International reported a net profit exceeding $10 billion for the first nine months of 2025, as indicated in its financial statements for the third quarter.

As of September 30, the issuer of the largest dollar-based stablecoin had minted approximately 174.4 billion USDT tokens. During the reporting period, the market supply of the coin rose by over 17 billion USDT, marking one of the most substantial increases for Tether.

The reserves backing the company’s flagship asset reached $181.2 billion, surpassing its liabilities by $6.8 billion.

Investments in U.S. Treasury securities, both direct and indirect, hit a record high of $135 billion. In a global ranking of U.S. debt holders, Tether ranked 17th, surpassing South Korea.

The global user base of USDT has now surpassed 500 million individuals.

According to the company’s statement, it continues to invest in the development of the «digital dollar» ecosystem while also pursuing initiatives in various sectors such as artificial intelligence, energy, and peer-to-peer communications.

The company also announced that it has resolved claims from Celsius in connection with litigation using its equity. Tether Holdings’ subsidiary registered in El Salvador has filed for an investment fund license under a recently enacted local law.

Tether International launched a share buyback program, inviting interested institutional investors to participate in the private placement. The company intends to maintain its existing financial “buffer” of excess reserves and free capital, which stands at around $30 billion.

“The results of the third quarter reflect Tether’s continued strength and trust even amidst a challenging global macroeconomic landscape, reinforcing our brand as a ‘Stable Company’. […] The steady growth and discipline demonstrate that Tether not only meets global demand but also helps strengthen confidence in the digital economy as a whole,” said USDT’s CEO Paolo Ardoino.

At the time of writing, the total market capitalization of the stablecoin sector has approached $311 billion, with USDT and Circle’s USDC dominating at $183.4 billion and $75.8 billion, respectively.

However, JPMorgan analysts noted that on-chain activity and market capitalization for Tether’s competitor are growing significantly faster, as reported by The Block.

Since January, USDC’s supply has increased by 72%, whereas USDT’s has risen by 32%. This trend indicates a shift in market interest towards compliant stablecoins, according to bank experts led by Managing Director Nikolaos Panigirtzoglou.

“The transparent management of USDC reserves and regular audits enhance trust among institutional investors and other regulated entities. Additionally, the asset’s compliance with regulations such as the European MiCA framework distinguishes it from competitors, making it the preferred stablecoin for financial institutions,” JPMorgan analysts stated.

They assessed that the velocity of USDC has notably increased following the introduction of cryptocurrency regulations in the EU, with the acceptance of the Genius Act in the U.S. providing further momentum.

After the approval of MiCA, USDT did not receive clearance in the EU and faced delisting from European crypto exchanges. In contrast, USDC gained traction through integration with Visa, Mastercard, Stripe, and other payment systems. The rise in market performance for Circle’s stablecoin has been aided by its presence on blockchains like Solana and Base, where DeFi activity continues to expand rapidly.

An additional advantage for USDC highlighted by JPMorgan is the cross-chain protocol CCTP, which allows for quick and safe transfers of stablecoins across networks.

While USDT currently dominates exchange trading outside the U.S., that status could be threatened if the USDC model becomes the global standard for stablecoins, the bank’s analysts emphasized.

In October, Ardoino confirmed that Tether is poised to enter the U.S. market by the end of the year with a specially designed regulated stablecoin, USAT.

It is worth noting that the expansion of the stablecoin market in the U.S. might turn into a zero-sum competition if the global volume of assets does not continue to exhibit growth, JPMorgan warned.