Tether International Limited’s Q2 2025 attestation, conducted by global accounting firm BDO, validates the company’s financial reserves exceed outstanding liabilities for its USDT stablecoin. The report confirms total assets of $162.57 billion and liabilities of $157.11 billion—$157.10 billion of which represents issued digital tokens.

Tether’s exposure to U.S. Treasuries reached $127 billion, comprising $105.52 billion in direct holdings and $21.3 billion indirectly through money market funds and reverse repurchase agreements. This positions Tether among the world’s largest private holders of U.S. government debt.

The company reported a net profit of $4.9 billion for Q2 2025, bringing year-to-date earnings to $5.7 billion. Recurring operational profits totaled $3.1 billion, supplemented by $2.6 billion from mark-to-market gains on bitcoin and gold holdings.

Reserves include $105.52 billion in U.S. Treasury bills, $16.34 billion in overnight reverse repos, $8.93 billion in bitcoin, and $8.73 billion in physical gold. Secured loans totaled $10.14 billion, all overcollateralized with liquid assets.

USDT circulation grew by $20 billion year-to-date to $157.1 billion. Shareholder equity remained stable at $5.47 billion, serving as a solvency buffer. Tether relocated from the British Virgin Islands to El Salvador in January 2025 and operates under that nation’s Digital Asset Issuance Law. The company faces two ongoing civil litigations in New York courts, for which no financial provisions were recorded.

BDO’s Q2 2025 Tether attestation, performed under ISAE 3000 standards, noted material limitations including point-in-time verification and exclusion of extraordinary market conditions from asset valuations.

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