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Tether (USDT) The Q2 2025 reserve report, audited by BDO, shows total assets reaching $162.57 billion, surpassing liabilities of $157.11 billion, resulting in a surplus of $5.46 billion. The $127 billion in U.S. Treasury securities held exceeds that of South Korea, Germany, and the UAE, making Tether the 18th largest holder of U.S. debt globally and the only private entity on the list. Tether's balance sheet structure is remarkably similar to that of the Fed, holding $8.9 billion in Bitcoin and $8.7 billion in gold. The report highlights Tether's status as the 'Central Bank of the crypto world,' with its substantial surplus providing an unprecedented safety buffer for the stablecoin market. The company will relocate its registration to Bitcoin fiat country El Salvador at the beginning of 2025 and hold a license as a digital asset service provider in that country.
## Sovereign Scale: The Reserve Landscape of Stablecoin Giants
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