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On Oct. 30, 2026, Tether published a report on the assets behind its tokens, including USDT, its dollar stablecoin. A dollar stablecoin is a token meant to stay worth one U.S. dollar. Tether says that on Sept. 30 it held about $7.95 billion more in assets than it owed. This article explains the numbers, what an outside firm checked, and what the report leaves out.

The main numbers

The report covers Tether International, S.A. de C.V., the company that issues USDT. It lists its position at 11:59 p.m. UTC on Sept. 30, 2026.

Total assets: $191.451 billion.
Total liabilities: $183.496 billion. Of that, $183.470 billion relates to tokens issued.
The gap: $7.955 billion. Tether calls this its reserve buffer, or excess reserves.

By our math, assets are about 4.3% higher than liabilities. Tether says the buffer was $4.1 billion at the end of June. It also says USDT issuance held steady at about $184 billion over the first three quarters of 2026.

The report records issued tokens as money owed that is repayable on demand. Who can redeem with Tether directly is set by Tether's terms of service. The report points to those terms but does not set them out.

What Tether says it holds

The report splits the $191.451 billion into groups. The percentages below are our math.

U.S. Treasury bills: $122.84 billion, about 64%. These are short-term U.S. government debt. Tether says the average maturity is under 90 days.
Reverse repurchase agreements: $9.52 billion overnight and $7.18 billion for longer terms. In these deals, Tether lends cash for a short time and holds U.S. Treasuries as collateral.
Cash, bank deposits and non-U.S. Treasury bills: about $0.04 billion together.
Gold: $19.08 billion, about 10%.
Bitcoin: $8.37 billion, about 4.4%.
Secured loans: $14.18 billion, about 7.4%.
Other investments: $6.00 billion, about 3.1%.
Public stocks: $4.18 billion, about 2.2%.
Corporate bonds: $0.06 billion.

The report puts the first group, Treasury bills, repos, cash and deposits, under one heading: "cash and cash equivalents and other short-term deposits." That heading totals $139.58 billion, about 73% of assets. Gold, bitcoin, loans, stocks and other investments add up to about $51.8 billion, or 27%.

Gold and bitcoin move with the market. The report values both at Bloomberg's closing prices on Sept. 30, so their value on any other day could be higher or lower. The report does not show any later date.

One number that needs care

Tether's news release says its direct and indirect Treasury bill holdings total $132.4 billion. The report's Treasury bill line is $122.84 billion. Adding the $9.52 billion in overnight repos gives $132.36 billion, which rounds to $132.4 billion. That is our math. It may be how the two numbers connect, but neither document says so.

What BDO checked

Tether's board prepared the Financial Figures and Reserves Report. BDO, an accounting firm, performed an assurance engagement on it. Tether's news release calls this an attestation. BDO's own title is an "assurance report" under a standard called ISAE 3000R. BDO's report names that standard as covering "Assurance Engagements Other than Audits or Reviews of Historical Financial Information."

BDO says it performed a "reasonable assurance" engagement. Its conclusion is that the report, as prepared by the board, is "in all material respects, fairly presented" under the criteria set out in it. It lists these steps:

It asked banks and custodians to confirm assets directly.
It checked management's matches between Tether's records and bank statements.
It checked management's matches between Tether's records and the blockchain ledgers for assets and liabilities.
It reviewed outside reports on inventory and quality of precious metals, using a sample.
It tested how a significant sample of assets was valued.
It checked a sample of secured loans for collateral.

What the report does not cover

One day only. BDO says it did no work and gave no assurance for any other date. The report came out a month after its date.
Not full financial statements. The report says it "does not represent the financial statements" of the company. BDO gave no assurance on its notes. A footnote says Tether's 2025 financial statements were audited and approved by shareholders on Aug. 13, 2026. That is a separate document.
Normal markets assumed. The report says values rest on normal trading conditions. They do not reflect extreme markets, or a key custodian or partner that runs short of cash. Management found no expected credit losses at Sept. 30.
No view on the future. BDO gave no assurance on management's judgment that the company will keep operating.
A lawsuit. The report says Tether is a defendant in one civil class action in New York. It concerns the 2017 and 2018 drop in the price of bitcoin. Tether cannot yet estimate the outcome, so it recorded no provision.

Where profit fits in

Tether's news release says it earned $1.5 billion in net operating profit in the third quarter and $4.5 billion in the first nine months. It says most of that income came from Treasury bills and repos. Those profit figures come from the release. They do not appear in the report.

The report instead shows how equity changed. Equity is assets minus liabilities. It rose from $6.814 billion at the end of 2025 to $7.955 billion on Sept. 30. The report's table credits a "financial result" of $1.66 billion and shows net capital movements of minus $0.519 billion. The report does not define either label. Neither document says how the release's profit figures relate to these, so they should not be compared one to one.

Questions to ask about any reserve report

What date does it cover, and how old is that date?
Who prepared it, who checked it, and what kind of report is it?
What types of assets make up the total?
What limits does the outside firm list?

The next Tether report will cover a new date. Compare its date, asset mix and limits with this one.

Where the numbers come from

All figures come from Tether's report and BDO's assurance report unless noted. They are company-reported, and the report covers only Sept. 30. Two independent outlets read the report the same way on Oct. 30. Forkast News on Yahoo Finance stressed that BDO's work covers Sept. 30 only. The Defiant reported that Treasury bills and repos drove earnings and that the attestation covered the September-end report.

Disclosure: This article summarizes figures Tether published on Oct. 30, 2026 and the assurance report an accounting firm issued on them as of Sept. 30, 2026. Figures marked as our math are our own arithmetic. It does not rate Tether or any stablecoin, and it makes no promise about safety, price or redemption. The illustration is a concept image, not a photo of a real event. This article is not financial, legal, or investment advice. AI-assisted research and writing. Cited sources, not AI alone, support the claims.

Market context

Tether Reports $7.95 Billion More in Assets Than Liabilities. Here Is What the Report Checked