Tether’s latest attestation shows that the world’s largest stablecoin issuer held more assets than liabilities at the end of 2025, according to an independent assurance report released on January 30.
Tether Confirms Reserve Coverage in ISAE 3000R Assurance Report
The report, prepared by BDO Advisory Services under ISAE 3000R, covers the financial figures and reserves of Tether International, SA de CV as of December 31, 2025, and provides a point-in-time overview rather than a full audit.
BDO ranks among the world’s largest accounting and advisory networks, providing assurance and advisory services to a wide range of corporate and institutional clients. The Company concluded that the figures were presented fairly, in all material respects, based on Tether’s stated accounting policies. At the end of the year, Tether reported total assets of $192.9 billion against total liabilities of $186.5 billion, resulting in excess reserves of approximately $6.34 billion.
Market capitalization of Tether at the end of January 2026.
Most of the debts – approximately $186.45 billion – were tied to issued digital tokens, tradable on demand. The test shows that cash, cash equivalents and other short-term deposits make up the largest share of reserves. U.S. Treasuries with maturities of less than 90 days accounted for approximately $122.3 billion, while overnight reverse repurchase agreements and forward contracts totaled approximately $24.8 billion in total.
Cash and bank deposits accounted for a relatively small share, around $34 million. Beyond government-backed instruments, the reserves also included $17.45 billion in precious metals, primarily physical gold bars, and $8.43 billion in bitcoin held on-chain at a benchmark price of $87,647.54 per bitcoin as of the reference time.
Corporate bonds and other investments together accounted for less than $3 billion, while secured loans totaled about $17.04 billion. The report states that all secured loans were over-collateralized by liquid assets and subject to margin calls and liquidation mechanisms. Management reported no expected credit losses as of the reporting date, noting that valuations assume normal market conditions rather than stress scenarios.
Tether’s equity decreased year-over-year from $7.09 billion at the end of 2024 to $6.34 billion in 2025. This change reflects over $10.1 billion in financial results offset by dividend distributions totaling approximately $10.86 billion during the period.
The attestation also highlights unresolved legal issues. As of December 31, 2025, Tether International was a defendant in two civil cases in New York courts, including a class action lawsuit related to the 2017-2018 Bitcoin price decline and a separate case related to the stablecoin freeze. No provision has been made for these cases because the results could not be reliably estimated.
Also read: Universal Launches USD Stablecoin Registered with UAE Central Bank
Separately, Tether released a financial update indicating that net profits exceeded $10 billion in 2025 and its overall exposure to U.S. Treasuries, including indirect exposure through repurchase agreements, exceeded $141 billion. This disclosure also indicated that proprietary investments financed by excess capital are excluded from token reserves.
BDO stressed that the assurance only applies to balances as of December 31, 2025 and does not extend to periods before or after that date, nor to notes accompanying financial figures.
“USDT has grown because global demand for dollars is increasingly moving away from traditional banking channels, particularly in regions where financial systems are slow, fragmented or inaccessible,” Paolo Ardoino, CEO of Tether, said in the update accompanying the crypto company’s attestation.
FAQs 💵
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What did the latest Tether test cover?
It reviewed the reserves and liabilities of Tether International as of December 31, 2025, in accordance with ISAE 3000R standards. -
Have Tether’s reserves exceeded its liabilities?
Yes, assets exceeded liabilities by approximately $6.34 billion at the end of 2025. -
What assets support Tether tokens?
Reserves include U.S. Treasuries, reverse repos, gold, bitcoin, collateralized loans, and other investments. -
Is this a complete audit?
No, the report constitutes a reasonable assurance engagement and not a full financial audit.
