Tether Reserves – Only 70% of USDT is backed by Cash equivalents (including treasuries)

A report by Galaxy Research (aka Galaxy Digital) on Tether's latest attestation reveals USDT is backed by 66% in treasuries and 3% in cash. The rest is all backed by other loans and investments.

Tether reserves asset breakdown (2021-2025)

Corporate investments and reverse repos in particular represent a large 20% risk, both having declined over 10% each the previous quarter. Tether has been gradually eliminating its reserves in stable CDs and replacing them with more risky reverse repos.

In total, Tether self-reports that it has $149.0B is assets against $143.7B in liabilities.

Tether profits have also decreased 78% from Q1 2024 to Q1 2025.