A central detail of the report confirms that the company’s reserves exceeded its total liabilities by $6.814 billion at the end of 2025.
This milestone is intended to address years of industry skepticism regarding the assets backing USDT, a stablecoin with a market capitalization of over $180 billion.
As a critical piece of digital finance infrastructure, USDT is widely used for trading and serves as a major purchaser of U.S.
government debt.
By moving beyond quarterly attestations—reports that only verify specific data at a single point in time—to a comprehensive audit, Tether seeks to reduce concerns about systemic risk that could impact the stability of the broader market.
The auditing process involved rigorous testing of the company’s internal systems, valuations, and counterparties, and even included a physical inspection and count of Tether’s gold bars.
This transition to a full audit subjects the company to the high level of scrutiny common among large, traditional financial firms.
While the company previously relied on limited financial snapshots to satisfy regulatory inquiries, CEO Paolo Ardoino stated that this completion fulfills a long-standing promise to provide greater transparency to the public.