Tether has tripled its USDT supply since 2023, pushing total circulation above $174 billion and generating profits exceeding $10 billion for 2025, according to its Q3 audit. The stablecoin issuer reported $4.3 billion in Q3 profits alone, with expansion fueled by institutional and retail adoption. Its asset holdings include U.S. Treasuries, gold, and bitcoin, and the company plans to launch a U.S.-focused stablecoin later in 2025.