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

Tether's growing excess reserves and Treasury footprint increasingly blur the line between a stablecoin issuer and a systemically important holder of U.S. government debt, a shift that matters well beyond crypto markets. The scale of its Bitcoin position also ties its balance sheet to a volatile asset, so reserve quality and transparency become the key questions for counterparties and regulators alike. Whether that buffer keeps expanding alongside profits is the open question.