The $180B+ Tether Empire: How USDT Became a Shadow Central Bank
Is Tether safe? USDT now backs about $185 billion in tokens, with most of its reserves in U.S. Treasuries. Here’s how Tether is built, what the 2026 audit shows, and the concentration risk that could reach the Treasury market.
Tether’s USDT is the world’s largest stablecoin. According to its Q2 2026 attestation by BDO, Tether held about $187.75 billion in assets against $183.64 billion in liabilities, leaving a $4.11 billion buffer, down from $8.23 billion a quarter earlier. In August 2026, KPMG issued an unqualified opinion on its first full audit, covering the 2025 accounts of Tether…
The skinny
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