The issuer of the largest stablecoin USDT — the company Tether — ended the third quarter with a significant strengthening of its balance sheet. At the end of the reporting period, excess reserves grew from $4.11 billion to $7.95 billion, meaning the figure nearly doubled after a summer contraction.
Key balance sheet indicators
At the end of September, the company's total assets reached $191.45 billion against liabilities of $183.5 billion. The difference between them forms the excess reserves buffer, which serves as an additional safety cushion for USDT holders.
Despite the impressive dynamics, the current level has not yet reached the March all-time high of $8.23 billion. Nevertheless, the recovery after the second-quarter decline demonstrates the resilience of the issuer's operating model.
Profitability remains stable
Net operating profit for the third quarter remained at $1.5 billion — an identical result was recorded a quarter earlier. Over nine months, cumulative profit reached $4.5 billion, confirming the company's ability to generate stable cash flow even amid changing yields on US Treasury bonds, which form the basis of the reserve portfolio.
The audit opinion of the independent firm BDO confirms the reliability of the disclosed data, which enhances the transparency of the issuer's reporting — an aspect that traditionally remains in the focus of regulators and institutional stablecoin holders.
Cryptalist analysis: The recovery of Tether's excess reserves to a near-record level signals the maturity of the issuer's business model and a reduction in risks associated with USDT backing. Stable quarterly profit of $1.5 billion forms a sustainable capital base, which strengthens the token's position as the dominant stablecoin and sets a high bar of transparency for competitors in the digital asset market.