In its Q3 2025 update, Tether disclosed a strong liquidity framework, reporting approximately $184.5 billion in stablecoin reserves, about $7 billion in excess equity, and roughly $23 billion in retained earnings as part of the Tether Group‘s capital base. Total assets were near $215 billion.
S&P Global Ratings cut USDT stability from Restricted to Weak, citing higher-risk asset exposure (including Bitcoin, gold, secured loans, and corporate bonds) and limited disclosure. They warned that sharp moves in Bitcoin could stress collateral adequacy.
Market commentary on reserve strategy continues, with speculation about carry-trade dynamics. While Tether emphasizes diversification, independent verification remains essential to assess stablecoin liquidity and the resilience of the reserve framework amid crypto-market volatility.