Tether’s Treasure Trove: $127B in Treasuries and a $4.9B Profit – But Where’s the Drama? 🤔

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Oh, do come in! BDO Italia has just delivered a report so dazzling it could make a diamond merchant weep. As of June 30, 2025, Tether International held $162.57 billion in assets against $157.11 billion in liabilities, leaving a modest £5.47 billion to spare for tea and crumpets. One might be forgiven for thinking it’s a treasure hunt, but alas, it’s just stablecoins and U.S. Treasuries. 🤑

Tether’s Assets: A Grand Total of $162.5B – Just Enough to Buy a Small Empire (or a Few USDT Liabilities)

Peruse the Q2 2025 attestation by BDO, and you’ll find Tether’s financial reserves are not only sufficient to back its USDT stablecoin but also to fund a rather lavish picnic in the park. Total assets? $162.57 billion. Liabilities? A mere $157.11 billion. The difference? A tidy £5.47 billion, which one suspects is stashed in a vault somewhere, awaiting the next market crash. 🏦

Tether’s love affair with U.S. Treasuries has blossomed into a full-blown romance, with $127 billion in direct and indirect holdings. One might say it’s the Jane Austen of stablecoins—always seeking a suitable match in government debt. 💰

And what of the profit? A splendid £4.9 billion in Q2 2025! To put it in Wodehousian terms, it’s as if the firm earned a small fortune while sipping tea and discussing the weather. Recurring operational profits? £3.1 billion. Mark-to-market gains on bitcoin and gold? £2.6 billion. One can almost hear the clinking of champagne glasses. 🥂

Reserves include £105.52 billion in U.S. Treasury bills (because who doesn’t want a few billion in bills?), £16.34 billion in overnight reverse repos (a financial sleepover, if you will), £8.93 billion in bitcoin (because crypto is the new monocle), and £8.73 billion in gold. The secured loans? £10.14 billion, all overcollateralized. One suspects the bankers are having the time of their lives. 🤝

USDT circulation has grown by £20 billion year-to-date, now standing at £157.1 billion. Shareholder equity remains a stately £5.47 billion, just enough to host a grand ball. Tether’s relocation to El Salvador? A move as bold as a gentleman in a top hat. And the legal troubles in New York? Well, they’re as appetizing as a soggy scone. 😂

BDO’s report, conducted under ISAE 3000 standards, is as precise as a pocket watch. Yet it’s not without its quirks—point-in-time verification and the exclusion of extraordinary market conditions. One might say it’s a perfectly polite report, with just a hint of ambiguity. 🕰️

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2025-07-31 19:07