Stablecoins
USDT (Tether): Reserves, Attestations, Fees, and Chains
USDT is a dollar stablecoin issued by Tether International. Its Q2 2026 report, examined by BDO Italia, states assets of $187.75 billion against liabilities of $183.64 billion as of 30 June 2026. This page holds the verified figures, the fee schedule, and the chain split.
| Fact | Value | As of | Source |
|---|---|---|---|
| Total assets (attestation) | $187,751,426,411 | S-01 | |
| Total liabilities (attestation) | $183,641,897,215 | S-01 | |
| Net equity (attestation) | $4,109,529,196 | S-01 | |
| US Treasury bills held | $114,960,963,604 | S-01 | |
| Secured loans held | $13,453,749,726 | S-01 | |
| Tron net circulation (issuer render) | $92,296,088,478 | S-02 | |
| Ethereum net circulation (issuer render) | $86,296,982,705 | S-02 | |
| Minimum direct redemption | 100,000 USD | S-03 | |
| Redemption fee | Greater of $1,000 or 0.1% | S-03 |
What USDT is
USDT is a dollar stablecoin. The issuing entity behind it is Tether International, S.A. de C.V., which redomiciled from the British Virgin Islands to El Salvador. The name matters, because three distinct names appear across issuer documents: the group, the operating company, and the fund that commissions the report are different legal persons and are never interchangeable [4]. This page uses them as the documents do.
The token exists to move dollar value across blockchains. It is the largest stablecoin by circulation. That size is why this page is heavy with figures, and why every figure carries the date it was true.
The three names, exactly
The entity trail is worth its own section. Loose naming is where most USDT misinformation starts. The issuer of record is Tether International, S.A. de C.V. It was formerly Tether International Limited, registered in the British Virgin Islands. The group redomiciled to El Salvador, and the attestation’s addressee reflects the new entity [1]. Separately, a user-agreement assignment moved legacy Tether Limited obligations to the current issuer. It took effect on 27 January 2025, under a notice to prior users [4]. The site’s own copyright line names a third company, Tether Operations. Three names, three roles. None of them stands in for the others. When a news item says “Tether,” the page that matters names the entity precisely [4].
The latest report
The report of record covers the quarter ended 30 June 2026. It was examined by BDO Italia under ISAE 3000 Revised, at the reasonable assurance level. The engaging party is a Tether investment fund entity, not the operating company [1].
The report states total assets of $187,751,426,411. It states total liabilities of $183,641,897,215. The gap, $4,109,529,196, is the reported net equity [1]. The prior comparison, 31 December 2025, showed $192.88 billion in assets against $186.54 billion in liabilities, so reported equity fell over the half year [1]. The issuer’s transparency page summarizes the same report with totals that differ from the PDF by a few hundred thousand dollars on both sides, a divergence the verification log records. This page prints the PDF’s figures [2]. The report is an attestation, not a financial statement audit, and this site never phrases it as one.
What the reserves are made of
The report breaks the reserves into seven categories as of 30 June 2026. US Treasury bills lead, at $114.96 billion with a weighted average maturity under 90 days. Overnight reverse repurchase agreements add $18.63 billion, and term reverses add $6.99 billion. With small non-US bill and bank deposit lines, the cash and cash-equivalent subtotal reaches $140.64 billion [1].
After that the mix widens. Precious metals sit at $18.84 billion. Secured loans, over-collateralized with margin call terms, sit at $13.45 billion. Bitcoin held in company-controlled wallets is marked at $5.80 billion. Public equities and other investments complete the list [1]. The latest report shows assets above liabilities as of that date. The mix, not the headline, is where the reader’s risk actually sits.
Where USDT circulates
The issuer’s transparency page renders per-chain figures with its own as-of stamp. The render read for this page was stamped 9 September 2026 at 11:30 PM UTC. It showed the Tron leg at $92.30 billion net circulation and the Ethereum leg at $86.30 billion [2]. The next legs, Solana and Aptos, sit far below those two. One legacy entry, BNB Smart Chain, renders at zero, which makes a past chain cessation visible in the current data [2]. The Tron chain page covers the network that carries the largest leg.
What redemption costs
Direct redemption is a wholesale channel. The issuer’s fee schedule sets the minimum acquisition or redemption at 100,000 USD. The redemption fee is the greater of $1,000 or 0.1 percent. Acquisition costs 0.1 percent. A 150 USD verification fee applies, payable in the token itself [3]. The report’s own arithmetic treats redemption value as net of a 10 basis point fee. That is consistent with the schedule [1]. Retail holders do not use this channel. They exit through exchanges and off-ramps, covered at the spend hub.
What the report says about oversight
The report itself states that the issuer is authorized as a stablecoin issuer and digital assets service provider under El Salvador’s Digital Asset Issuance Law, subject to its national commission’s requirements [1]. That is the issuer’s own statement inside the report, and this page attributes it exactly that way. The regulation hub carries the US framework that will govern issuers of this size from 2027.
How to check any figure here
Every figure on this page comes from one of the four sources listed below. The attestation figures are dated 30 June 2026. The chain split is a render dated 9 September 2026. The fees are the issuer’s published schedule, read 11 September 2026. When any of those documents move, this page moves with them, and the reviewed date at the foot records it. The stablecoins hub holds the rest of the pillar. The attestations page teaches the reading skill this page assumes; the USDC comparison sets these figures against the other major; and is USDT safe walks the criteria a safety review actually checks.
Frequently asked questions
What are USDT reserves backed by?
Seven categories, published in the attestation as of 30 June 2026. US Treasury bills lead at $114.96 billion, followed by reverse repurchase agreements, precious metals, secured loans, bitcoin, public equities, and other investments.
Where is Tether's attestation report?
The issuer publishes quarterly reports on its attestations page. The latest read covers 30 June 2026 and was examined by BDO Italia under ISAE 3000 Revised at the reasonable assurance level.
Is 1 USDT equivalent to 1 USD?
Not by guarantee. The token is engineered to redeem at one dollar, but direct redemption has a 100,000 USD minimum and fees, and secondary markets set their own prices.
Is USDT legal in the USA?
The issuing entity is registered with El Salvador's digital asset regulator under listing PSAD-0028 and appears on FinCEN's money services business register. No US federal issuer register exists yet; the GENIUS Act's register starts in 2027. Whether holding or using USDT is legal depends on the jurisdiction and the reader.
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