Overview
- Tether’s BDO attestation published Oct. 30 shows $191.45 billion in reserve assets, $183.5 billion in liabilities and roughly $7.95 billion in excess reserves after reporting $1.5 billion in net operating profit for Q3 2026.
- The reserve surplus rose by about $3.8 billion in the quarter, a gain larger than the $1.5 billion of operating income because Bitcoin and gold appreciated on Tether’s balance sheet.
- Tether’s Bitcoin holding was valued at roughly $8.4 billion on Sept. 30, up from about $5.8 billion at the end of June, and the firm reported $19.08 billion in physical gold, both measured at market prices.
- The company shifted liquidity within its short-term stack by reducing overnight reverse repos and increasing directly held U.S. Treasury bills to $132.4 billion, while the most cash-like category fell slightly to about $139.6 billion.
- Tether has completed a KPMG U.S. audit for 2025 and restated opening equity to align with audited figures, but differences between operating profit, equity reconciliation and mark-to-market gains mean surplus size is not the same as immediately available cash for holders and markets should watch redemption channels and market liquidity.