Tether Q3 profit hits $1.5B as excess reserves nearly double to $8B

Tether reported a Q3 profit of $1.5 billion, pushing its excess reserves to nearly $8 billion, roughly double the prior level. The stablecoin issuer's US Treasury holdings now rival those of major foreign sovereign holders, and its Bitcoin reserves were valued at $8.37 billion at the end of September. Traders watch Tether's reserve strength as a gauge of stablecoin backing and systemic risk, and the growing BTC position ties the largest stablecoin's balance sheet more closely to crypto markets.