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Homepage > News > Business > Tether’s controversial loans soar, Canada joins stablecoin parade Tether’s controversial loans now outstrip its ‘equity,’ Mastercard wants to spend billions acquiring digital payment rails, and Canada is now officially on board the stablecoin bandwagon. Tether has released its latest attestation of the reserves backing the $174.4 billion in Tether’s USDT stablecoin circulating as of September 30. That market cap is $17 billion higher than the total amount of USDT circulating as of June 30, and that figure has risen a further $9 billion as of October 4 to $183.3 billion. Tether claims that its reserves totaled $181.2 billion at the end of Q3, giving it nearly $6.8 billion in surplus reserves, aka ‘equity.’ But that’s less than the $7.1 billion ‘equity’ that Tether boasted of as of December 31, 2024, and the company has distributed slightly more ($10.4 billion) in ‘dividends’ to its owners than the $10.1 billion in profits it claims to have earned in the first nine months of 2025. Tether’s ownership is highly concentrated, as SEC filings from April show founder Giancarlo Devasini holds “a greater than 50% voting interest in Tether Holdings, S.A. de C.V.” Current Tether CEO Paolo Ardoino’s stake has been estimated at ~20%, while his predecessor Jean-Louis van der Velde’s share is reportedly in the 10-15% range. It’s all the more curious that this handful of execs would appear so determined to transfer all the profits their company has made this year (and more) into their own pockets, while simultaneously seeking to raise up to $20 billion by selling 3% of the company to outside investors. Ardoino has claimed this isn’t about anyone’s need for quick cash, but is intended to ‘send a message’ about Tether’s determination to expand beyond its current confines. Before we dig into the…

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Filed under: News - @ November 5, 2025 12:29 pm