Overview
- Tether’s BDO attestation published on October 30 shows a $1.5 billion net operating profit for Q3 2026 and a rebuilt excess-reserve cushion of about $7.95 billion.
- The attestation lists roughly $191.45–$191.5 billion in total reserve assets against about $183.5 billion in liabilities while USDT issuance held near $184 billion.
- Direct and indirect U.S. Treasury bill holdings totaled $132.4 billion and the reserve breakdown also included $19.08 billion in physical gold and $8.37 billion in Bitcoin.
- The surplus rose by more than the quarter’s operating profit because Bitcoin valuations increased by about $2.6 billion and Tether rotated assets from overnight repos into directly held Treasury bills, with opening equity restatements also affecting the comparison.
- Independent assurance has increased after KPMG’s unqualified 2025 audit and BDO’s ISAE 3000R attestation for Q3, but redemption liquidity depends on which assets can be sold quickly and on market and banking conditions rather than the headline buffer alone.