Overview
- Tether’s year-end attestation shows $192.8 billion in assets against $186.5 billion in liabilities, leaving more than $6.3 billion in excess reserves as USDT supply grew by roughly $50 billion in 2025.
- U.S. Treasury exposure reached about $141 billion including indirect positions, with $122 billion reported as direct holdings.
- The company bought roughly 27 tonnes of gold in Q4, with total bullion reported at 143 tonnes valued near $24 billion by one account and $17.4 billion by another.
- Beyond reserves, Tether says its proprietary investment portfolio now exceeds $20 billion and reports bitcoin holdings of about $8.4 billion.
- Strategic moves include the reported launch of a U.S.-focused stablecoin called USAT with Anchorage Digital and a fundraising process covered by outlets, alongside ongoing scrutiny over BDO attestations rather than full audits.