Tether Reserves by Quarter
Figures as reported in Tether’s quarterly attestations. Every row links to the report it came from, so each number here is checkable against its source.
As of March 31, 2026, attested by BDO.
“Other assets” is derived: total assets less the Treasury, gold and bitcoin figures the issuer itemised. It is not a reported line item, and it includes secured loans and corporate bonds among other holdings.
Quarter by quarter
This tracker currently holds 3 quarters. A chart of change over time would overstate what 3 points can show, so the figures are given as a table until the series is longer.
| Quarter | As of | Total assets | Liabilities | Excess | US Treasuries | Attested by | Report |
|---|---|---|---|---|---|---|---|
| Q1 2026 | 2026-03-31 | $191.77B | $183.54B | $8.23B | $141.00B | BDO | Source |
| Q4 2025 | 2025-12-31 | $192.88B | $186.54B | $6.34B | $141.60B | BDO | Source |
| Q3 2025 | 2025-09-30 | $181.22B | $174.45B | $6.78B | $135.00B | BDO | Source |
Attestation and audit
These quarterly figures come from attestations: point-in-time reports in which an accounting firm states that figures management provided agree to underlying records on a given date. They are not audits, and the distinction matters enough that we keep it explicit throughout the site.
Both now exist. Tether’s quarterly attestations are prepared by BDO, and on 13 August 2026 Tether published its first full financial statement audit, for the year ended 31 December 2025, on which KPMG US issued an unqualified opinion.
For context on why reserve backing was contested for years, see the regulation timeline — the CFTC found in 2021 that reserves fully backed USDT on only 27.6% of days in a 26-month sample.
See also: Tether (USDT), USDT supply by chain, our sourcing policy.