Overview
- The Q4 2025 attestation shows roughly $192.8–193 billion in reserves against $186.5 billion in liabilities, leaving about $6.3 billion in excess backing.
- Direct and indirect U.S. Treasury exposure totals about $141 billion, placing Tether among the largest private holders of U.S. government debt.
- USDT supply expanded by roughly $50 billion in 2025 to about $186 billion outstanding as demand for dollar liquidity shifted beyond traditional banking rails.
- Media tallies indicate accelerated gold accumulation, with reports citing about $17.4 billion in bullion and roughly 27 tonnes added in Q4.
- Coverage notes a fundraising push and a reported USAT stablecoin initiative with Anchorage Digital for the U.S. market, as calls continue for a Big Four audit.