Tether reported $1.5 billion in operating profit for the third quarter, driven mainly by US Treasury bills and reverse repurchase agreements. Its excess reserves nearly doubled from $4.1 billion in June to $7.95 billion at the end of September. The issuer held $191.5 billion in assets, including $132.4 billion in Treasury bills, against $183.5 billion in liabilities. Its Bitcoin reserves were valued at $8.37 billion, while USDT accounted for about 60% of the $297.3 billion global stablecoin market. Tether also said its user base has surpassed 700 million, with adoption concentrated in emerging markets.
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