Tether responds to renewed questions about reserves
Tether CEO Paolo Ardoino has addressed fresh concerns regarding the stability of USDT and the transparency of the company’s reserves. According to Ardoino, the latest Q3 2025 attestation shows a significantly stronger financial position than many external reports suggest.
He stated that Tether now maintains several billion dollars in excess reserves and that the group’s total equity is approaching 30 billion dollars.
What analysts are getting wrong, according to Ardoino
Ardoino emphasized that some external assessments — including those referencing S&P’s methodology — have overlooked two critical components of Tether’s financial structure.
These include:
• the full amount of group equity, which is not always incorporated into third-party risk models
• approximately 500 million dollars in monthly base profits generated from U.S. Treasury yields
According to Ardoino, ignoring these elements results in an incomplete or skewed view of Tether’s financial health and long-term stability.
Excess reserves and the path to over-collateralization
Tether’s latest attestation indicates several billion dollars in excess reserves beyond the liabilities required to maintain a 1:1 peg to the U.S. dollar. Ardoino highlighted that these reserves strengthen the company’s position and provide additional protection during periods of market stress.
He added that ongoing profit flows from short-term U.S. government securities have become a major driver of Tether’s growth, contributing a reliable cash stream that supports the company’s capital base.
Why misinterpretations persist
Some analysts continue to express concern over Tether’s reporting structure, the visibility of reserve components, and the jurisdictional differences in accounting standards. Ardoino argued that many critiques are rooted in partial data or models not fully adapted for stablecoin issuers.
He also pointed out that traditional rating systems often do not account for the operational design of stablecoins, the liquidity profile of Tether’s assets, or the actual time-to-liquidation for short-term U.S. Treasuries.
A broader shift in stablecoin economics
Tether’s rapidly growing equity underscores a broader trend: stablecoin issuers have evolved into major holders of U.S. government debt, generating large recurring profits from Treasury yields.
With roughly 500 million dollars in monthly base profits, Tether has become one of the most profitable entities in the entire crypto sector — and its financial footprint now rivals traditional fintech institutions.
What comes next for USDT
Ardoino reiterated that Tether remains fully backed, over-collateralized, and committed to transparency through regular attestations. He stated that the company intends to continue increasing its excess reserves and strengthening operational buffers.
While critics remain vocal, Tether’s financial growth suggests a level of stability that is rarely acknowledged in mainstream analysis.
BTCUSA will continue to track updates on Tether’s reserve structure, Treasury exposure, and evolving regulatory landscape.
