Where Data Tells the Story
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USDT is one of the oldest and largest U.S. dollar–pegged stablecoins, designed to maintain a 1:1 value with the dollar through asset-backed reserves.
As of Q3 2025, USDT has $174.4B in liabilities and $181.2B in total assets, resulting in a surplus of roughly $6.7B. This surplus indicates that Tether holds more assets than the value of USDT in circulation.
The reserves backing USDT are primarily made up of cash and cash equivalents, which account for 77.2% of the total. The remaining assets include 8% in secured loans, 7.1% in precious metals, 5.4% in Bitcoin, and 2.1% in other investments.