According to @paoloardoino, Tether’s Q3 2025 attestation shows 174.4B total issued USDT as of Sep 30, 2025, up by 17B in the quarter, which expands the stablecoin float used as quote and collateral across major venues, relevant for crypto liquidity analysis, source: Paolo Ardoino on X, Oct 31, 2025. Tether reports $181.2B total assets/reserves and $6.8B+ excess reserves above 100% liquid backing, highlighting redemption capacity and peg stability considerations for traders, source: Paolo Ardoino on X, Oct 31, 2025. The attestation also notes $135B+ in direct and indirect U.S. Treasuries exposure and over $10B net profits for Q1–Q3 2025, indicating interest income tied to U.S. rates, source: Paolo Ardoino on X, Oct 31, 2025; U.S. Department of the Treasury yield framework. Tether additionally cites more than 500 million users across emerging and developing markets, underscoring USDT’s broad transactional base relevant to market depth, source: Paolo Ardoino on X, Oct 31, 2025. USDT is a dominant quote asset on leading exchanges, meaning larger supply can support deeper order books and tighter spreads in USDT pairs such as BTC/USDT and ETH/USDT, source: Binance Markets data; OKX Markets data.