Tether International Limited’s Q2 2025 attestation, conducted by BDO Italia, verifies that the stablecoin issuer held $162.57 billion in assets against $157.11 billion in liabilities as of June 30, 2025.
This provides a $5.47 billion buffer in excess reserves, ensuring full backing of the $157.1 billion worth of USDT tokens in circulation.
Tether’s treasury holdings and profits
Tether’s exposure to U.S. Treasuries now totals $127 billion, including $105.52 billion in direct holdings and $21.3 billion in indirect exposure through money market funds and reverse repurchase agreements.
This ranks Tether among the largest private holders of U.S. government debt globally.
The company reported a net profit of $4.9 billion for Q2 2025, bringing its year-to-date profit to $5.7 billion.
Of the quarterly profit, $3.1 billion came from recurring operations, while $2.6 billion was attributed to mark-to-market gains on bitcoin and gold holdings.
Reserve details
Tether’s reserves also include $8.93 billion in bitcoin and $8.73 billion in physical gold, with $16.34 billion in overnight reverse repos and $10.14 billion in overcollateralized secured loans.
Regulatory and legal developments
Tether completed its relocation from the British Virgin Islands to El Salvador in January 2025 and now operates under El Salvador’s Digital Asset Issuance Law.
The company is currently facing two unresolved civil litigations in New York courts; no provisions were recorded for these cases as of the attestation date.
Attestation details and reserve transparency
The Q2 2025 attestation was executed under ISAE 3000 standards and highlighted that figures represent a point-in-time snapshot, not accounting for extraordinary market conditions.
BDO’s report confirmed that Tether’s shareholder equity remains stable at $5.47 billion, serving as a solvency buffer for the USDT stablecoin.
