Tether reported $191.45 billion of assets and $183.50 billion of liabilities at 30 September, leaving $7.95 billion of excess assets. The buffer rose from approximately $4.1 billion at the end of the second quarter.
The reserve composition remains dominated by short-duration government exposure. The report lists $122.84 billion of U.S. Treasury bills, $9.52 billion of overnight reverse repos and $7.18 billion of term reverse repos. It also includes $19.08 billion of precious metals, $14.18 billion of secured loans, $8.37 billion of Bitcoin, $6.00 billion of other investments and $4.18 billion of public equities. assets.ctfassets.net
Tether says net operating profit was $1.5 billion in the third quarter and $4.5 billion for the first nine months. USDT issuance was broadly stable near $184 billion. The company’s reserve announcement attributes most earnings to Treasury bills and reverse-repurchase agreements. Tether.io
BDO provided reasonable assurance that the financial figures and reserves report was fairly presented under the stated criteria. Its work included bank and custodian confirmations, reconciliations and sample-based valuation checks. The report is not a full set of IFRS financial statements.
The assurance is limited to the 30 September snapshot. BDO explicitly did not test activity before or after that moment and did not assure management’s going-concern assessment. It also notes that valuations assume normal trading conditions and may not reflect extraordinary illiquidity at key custodians or counterparties.
TOKEN RECON ASSESSMENT
The larger buffer improves Tether’s capacity to absorb valuation and credit shocks, but liquidity quality matters more than the headline surplus alone. About $51.9 billion sits outside the cash, Treasury and repo subtotal, including gold, loans, Bitcoin, equities and other investments. The next attestation should be judged on whether the buffer survives redemptions and market volatility, and whether secured loans and less transparent investments continue to expand.
