BDO ranks among the world’s largest accounting and advisory networks, delivering assurance and advisory services to a wide spectrum of corporate and institutional clients. The firm concluded that the figures were fairly presented, in all material respects, based on Tether’s stated accounting policies. As of year-end, Tether reported total assets of $192.9 billion against total liabilities of $186.5 billion, resulting in excess reserves of approximately $6.34 billion.
Most liabilities—about $186.45 billion—were tied to issued digital tokens redeemable on demand. The attestation shows that cash, cash equivalents, and other short-term deposits made up the largest share of reserves. U.S. Treasury bills with maturities under 90 days accounted for roughly $122.3 billion, while overnight and term reverse repurchase agreements totaled about $24.8 billion combined.
Tether’s equity declined year over year, falling from $7.09 billion at the end of 2024 to $6.34 billion in 2025. The change reflected more than $10.1 billion in financial results offset by dividend distributions totaling roughly $10.86 billion during the period.
Separately, Tether published an accompanying financial update stating that net profits exceeded $10 billion in 2025 and that its overall exposure to U.S. Treasuries, including indirect exposure through repurchase agreements, surpassed $141 billion. That disclosure also noted that proprietary investments funded from excess capital are excluded from token reserves.
BDO emphasized that the assurance applies only to balances at Dec. 31, 2025, and does not extend to periods before or after that date, nor to the notes accompanying the financial figures.
FAQ What did Tether’s latest attestation cover? It reviewed Tether International’s reserves and liabilities as of Dec. 31, 2025, under ISAE 3000R standards. Did Tether’s reserves exceed its liabilities? Yes, assets exceeded liabilities by about $6.34 billion at year-end 2025. What assets back Tether tokens? Reserves include U.S. Treasury bills, reverse repos, gold, bitcoin, secured loans, and other investments. Is this a full audit? No, the report is a reasonable assurance engagement, not a full financial audit.
