Tether Q3 2025 Audit Report

After reviewing Tether's audit report, it is noted that Tether is not a publicly traded company, so the disclosed information is very limited, primarily focusing on asset audits. Additionally, Tether did not disclose its profit situation for the third quarter, only stating that the total net profit for the first three quarters of 2025 has exceeded $10 billion.

As of September 30, 2025, Tether's total assets amount to $181.223 billion, an increase of $37.5 billion compared to the end of 2024. Total liabilities (from stablecoin issuance) are $174.445 billion, with excess reserves of $6.778 billion.

Among these, cash or cash equivalents and short-term deposits total $139.952 billion. This presents a risk point, indicating that only 77.22% of the issued stablecoins have low-risk equivalent cash reserves. This means that if Tether faces a run on the bank, the most secure payout rate would be 77.22%.

Of course, this does not mean that Tether will collapse or be insolvent; rather, other assets may take time to liquidate due to liquidity issues, and there may be situations of discounted pricing. The precious metals (mainly gold) and Bitcoin held by Tether may have slightly better liquidity, while other corporate bonds, investments, and mortgage assets may require more time to liquidate.

These three components account for nearly $18.5 billion, or 10% of total liabilities. However, considering the excess reserves, the actual impact may be around 6% or even lower. Therefore, as long as Tether is not facing a catastrophic run (such as a U.S. dollar credit crisis), it is unlikely to encounter problems.

Additionally, Tether's asset structure includes $14.6 billion in collateralized loans, making Tether possibly the largest collateralized lending company in the cryptocurrency sector.

This article is sponsored by #Bitget ｜ @Bitget_zh

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