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Tried to cut through the FUD around USDT with a clear visualisation of Tether’s Q3 2025 balance sheet.
Total liabilities stand at $174.4B
Total assets come in at $181.2B
Surplus sits around $6.7B
Here’s what actually backs USDT:
77.2% is cash & cash equivalents
8% secured loans
7.1% precious metals (mainly gold)
5.4% Bitcoin
2.1% other investments
On top of these assets and surplus, the broader Tether Group holds ~$23B in retained earnings and generates ~$500M in monthly profits from U.S. Treasury yields.