Tether Worldwide Restricted’s Q2 2025 attestation, carried out by BDO Italia, verifies that the stablecoin issuer held $162.57 billion in belongings towards $157.11 billion in liabilities as of June 30, 2025.
This offers a $5.47 billion buffer in extra reserves, guaranteeing full backing of the $157.1 billion value of USDT tokens in circulation.
Tether’s treasury holdings and income
Tether’s publicity to U.S. Treasuries now totals $127 billion, together with $105.52 billion in direct holdings and $21.3 billion in oblique publicity by cash market funds and reverse repurchase agreements.
This ranks Tether among the many largest non-public holders of U.S. authorities debt globally.
The corporate reported a web revenue of $4.9 billion for Q2 2025, bringing its year-to-date revenue to $5.7 billion.
Of the quarterly revenue, $3.1 billion got here from recurring operations, whereas $2.6 billion was attributed to mark-to-market positive aspects on bitcoin and gold holdings.
Reserve particulars
Tether’s reserves additionally embrace $8.93 billion in bitcoin and $8.73 billion in bodily gold, with $16.34 billion in in a single day reverse repos and $10.14 billion in overcollateralized secured loans.
Regulatory and authorized developments
Tether accomplished its relocation from the British Virgin Islands to El Salvador in January 2025 and now operates beneath El Salvador’s Digital Asset Issuance Legislation.
The corporate is at present dealing with two unresolved civil litigations in New York courts; no provisions have been recorded for these circumstances as of the attestation date.
Attestation particulars and reserve transparency
The Q2 2025 attestation was executed beneath ISAE 3000 requirements and highlighted that figures characterize a point-in-time snapshot, not accounting for extraordinary market circumstances.
BDO’s report confirmed that Tether’s shareholder fairness stays secure at $5.47 billion, serving as a solvency buffer for the USDT stablecoin.