Tether reported holding more assets than liabilities at the end of 2025, according to an independent assurance report released on Jan. 30.
The attestation was prepared by BDO Advisory Services under the ISAE 3000R standard and provides a point-in-time snapshot rather than a full financial audit.
The report covered Tether International, S.A. de C.V.’s reserves and financial figures as of Dec. 31, 2025, focusing on balance sheet presentation and reserve composition.
BDO concluded that Tether’s figures were fairly presented in all material respects based on the company’s stated accounting policies.
As of year end, Tether disclosed total assets of $192.9bn against total liabilities of $186.5bn, leaving excess reserves of about $6.34bn.
The majority of liabilities, roughly $186.45bn, were linked to issued digital tokens redeemable on demand by holders.
Cash, cash equivalents, and other short-term deposits made up the largest share of reserves supporting token issuance.
US Treasury bills with maturities under 90 days accounted for approximately $122.3bn of total reserves.
Overnight and term reverse repurchase agreements together represented around $24.8bn, adding further exposure to government-backed instruments.
Direct cash and bank deposits formed a relatively small component, standing at about $34m at the reporting date.
Beyond sovereign assets, reserves included $17.45bn in precious metals, primarily held as physical gold bars.
The report also recorded $8.43bn in bitcoin held onchain, valued at a reference price of $87,647.54 per coin at the timestamp used.
Corporate bonds and other miscellaneous investments together amounted to less than $3bn, reflecting a limited risk allocation.
Secured loans totalled roughly $17.04bn and were described as fully overcollateralised by liquid assets.
Management stated that all secured loans were subject to margin calls and liquidation mechanisms to manage downside risk.
No expected credit losses were recognised at the reporting date, with valuations assuming normal market conditions rather than stressed scenarios.
Tether’s equity declined year on year from $7.09bn in 2024 to $6.34bn in 2025, reflecting dividend distributions alongside strong earnings.
Financial results of more than $10.1bn were partially offset by dividend payments totalling around $10.86bn during the year.
The attestation noted two unresolved civil cases in New York courts, including a class action linked to the 2017–2018 bitcoin price decline.
No legal provisions were booked for these cases, as potential outcomes could not be reliably estimated at the time of reporting.
In a separate financial update, Tether said net profits exceeded $10bn in 2025 and total exposure to US Treasuries surpassed $141bn when including repurchase agreements.
The company added that proprietary investments funded from excess capital were excluded from token reserve calculations.
BDO stressed that the assurance applies only to balances as of Dec. 31, 2025, and does not cover earlier or subsequent periods.
“USDT expanded because global demand for dollars is increasingly moving outside traditional banking rails, particularly in regions where financial systems are slow, fragmented, or inaccessible,”
Paolo Ardoino said.
At the time of reporting, Bitcoin price was $78,510.15.