Amid the surge in the use of USDT in Venezuela, the same question arises again: what supports the promise that each token is equivalent to one dollar? The most recent quarterly report from Tether International, the issuer of USDT, audited by the firm BDO, provides new elements to answer it.
According to the report, as of the end of the third quarter of 2025, Tether had assets of 181.223 billion dollars against liabilities of 174.445 billion. This implies that there are more dollars and other backing assets than USDT in circulation. The 6.777 billion difference acts as excess reserves, a "buffer" that would cover potential mass withdrawals or unexpected market movements.
The document states that most of the reserve is placed in easily liquidated instruments, especially in U.S. government debt. Tether reported a total exposure of nearly US$135,000 million in Treasury bonds, a figure comparable to that of several central banks around the world. This class of assets is considered one of the safest and most liquid in the international financial system.