 | 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. [link] [comments] |
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