Tether USD₮ (USDT): reserves, audits and reviews
Reserve-backed stablecoinUS dollar · Tether International, S.A. de C.V.
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On-chain stablecoin data
- Issuance, 30 days (2 October 2026 – 31 October 2026)
- Minted US$169.62 m, burned US$308.43 m, net issuance −US$138.81 m
- Issuer acts, 30 days (2 October 2026 – 31 October 2026)
- 520 freezes, 19 unfreezes, 52 seizures
- Latest issuer act
- Freeze on Tron, 30 October 2026 ↗
- Freeze function in the contract
- freeze and seize: Ethereum, Tron; freeze only: Solana
- Issuer and freeze powers
- ACHIVX Academy guide ↗
On-chain measurement by Stablecoin Scanner (ACHIVX), not a reserve or solvency claim. As of 31 October 2026. Mints and burns as decoded by the scanner on the chains it covers, not the issuer’s total issuance; mints and burns on Solana are not yet decoded and are not included. The scanner notes: every row is something the issuer did; it says nothing about who the address belongs to or why. Native deployments in the scanner’s token registry. scanner page ↗
Key facts
- Issuer
- Tether International, S.A. de C.V.
- Legal home
- El Salvador
- Pegged to
- US dollar
- Type
- Reserve-backed stablecoin
- Backing
- US Treasury bills, reverse repurchase agreements, gold, secured loans, bitcoin, other investments, listed shares
- Reserve reports
- Assurance report, quarterly — by BDO Advisory Services S.r.l.
- Redemption with the issuer
- For verified customers of the issuer; minimum 100,000 USD; fee: the greater of $1,000 or 0.1%
- Issuer powers
- freeze addresses, destroy frozen balances, pause all transfers, issue and redeem tokens
- Networks (per the issuer)
- Ethereum, Tron, TON, Solana, Avalanche, Aptos, NEAR, Tezos, Celo, Kaia, Cosmos (Kava), Liquid, Polkadot Asset Hub
From the ACHIVX Academy dossier written 2026-10-11 from the issuer’s own documents. Terms change — check the sources.
Regulation
- El Salvador — licensed stablecoin issuer
- United States — registered with FinCEN as a money services business
- United States — foreign issuer under the GENIUS Act
- European Union — not authorised under MiCA; ESMA’s opinion of 8 October 2026 says that CASPs authorised under MiCA should cease providing services related to non-MiCA-compliant stablecoins to clients in the EU, with remaining pre-existing exposures to be remediated no later than three months after its publication
Reserves as of 30 September 2026
Reserves $191.45 bn against liabilities $183.50 bn — an excess of $7.95 bn (4.3% of liabilities).
| Asset | US$ | Share |
|---|---|---|
| U.S. Treasury bills (under 90 days) | $122.84 bn | 64.2% |
| Gold (LBMA bars) | $19.08 bn | 10.0% |
| Secured loans (over-collateralized) | $14.18 bn | 7.4% |
| Overnight reverse repo | $9.52 bn | 5.0% |
| Bitcoin | $8.37 bn | 4.4% |
| Term reverse repo | $7.18 bn | 3.7% |
| Other investments | $6.00 bn | 3.1% |
| Public equities | $4.18 bn | 2.2% |
| Corporate bonds | $64 m | <0.1% |
| Non-U.S. Treasury bills | $22 m | <0.1% |
| Cash and bank deposits | $20 m | <0.1% |
Cash equivalents (T-bills, repo, deposits) make up 72.9%; gold, bitcoin, equities and other investments 19.7%; secured loans 7.4%.
Source: Tether International’s Financial Figures and Reserves Report as of 30 September 2026, 23:59 UTC, with a reasonable-assurance report by BDO Advisory Services S.r.l. (Milan) under ISAE 3000 (Revised), dated 30 October 2026. A snapshot at one moment — the composition changes between reports. PDF
Audits and reserve reports
- Quarterly reserve reports since 2021; prepared with BDO since the report as of 30 June 2022 (earlier — MHA Cayman and other firms). From the report as of 31 December 2025 they are reasonable-assurance engagements under ISAE 3000 (Revised); before that — independent auditors’ reports on the reserves report.
- What BDO checks: confirmation letters straight from banks and custodians, a sample count and quality test of the gold, reconciliation of the books with the blockchains, and the collateral of a sample of secured loans.
- What it does not cover: any date other than the report date, the notes to the report, and the going-concern assessment.
- Full audit: Tether says KPMG U.S. audited Tether International’s 2025 financial statements and issued an unqualified opinion (announced 13 August 2026). The KPMG report itself is not on the Tether transparency page as of 2026-10-27.
Buying and redeeming directly with Tether
Only verified Tether customers can buy or redeem USD₮ directly; the right to redemption is a personal contractual right. Everyone else holds and trades USD₮ through exchanges and wallets.
| Item | Terms |
|---|---|
| Minimum purchase or redemption | US$100,000 |
| Purchase fee | 0.1% |
| Redemption fee | the greater of $1,000 or 0.1% |
| Account verification fee | 150 USD₮, non-refundable (can count toward a redemption) |
| Verification time | days to weeks (KYC review) |
Not allowed to use Tether’s services under its terms: U.S. persons (except eligible contract participants approved by Tether), Canadian and Singaporean persons, the Government of Venezuela, people in Cuba, North Korea, Iran, Syria, Crimea and the occupied Donetsk, Luhansk, Kherson and Zaporizhzhia regions of Ukraine, and sanctioned persons.
Freezing and seizure
Under its terms Tether may freeze USD₮ held by a user when the law requires it, when it considers it prudent, or when the terms are breached. Its FAQ adds that Tether may seize and destroy tokens remotely at the request of governments, law enforcement or other authorities. Every freeze, unfreeze and seizure is recorded on-chain: freeze ledger in Stablecoin scanner ACHIVX (Tron, Ethereum).
Networks where Tether issues USD₮
| Network | Contract address |
|---|---|
| Ethereum | 0xdac17f958d2ee523a2206206994597c13d831ec7 |
| Tron | TR7NHqjeKQxGTCi8q8ZY4pL8otSzgjLj6t |
| TON | EQCxE6mUtQJKFnGfaROTKOt1lZbDiiX1kCixRv7Nw2Id_sDs |
| Solana | Es9vMFrzaCERmJfrF4H2FYD4KCoNkY11McCe8BenwNYB |
| Avalanche | 0x9702230a8ea53601f5cd2dc00fdbc13d4df4a8c7 |
| Aptos | 0xf73e887a8754f540ee6e1a93bdc6dde2af69fc7ca5de32013e89dd44244473cb |
| NEAR | usdt.tether-token.near |
| Tezos | KT1XnTn74bUtxHfDtBmm2bGZAQfhPbvKWR8o |
| Celo | 0x48065fbBE25f71C9282ddf5e1cD6D6A887483D5e |
| Kaia | 0xd077a400968890eacc75cdc901f0356c943e4fdb |
| Cosmos (Kava) | 0x919C1c267BC06a7039e03fcc2eF738525769109c |
| Liquid | ce091c998b83c78bb71a632313ba3760f1763d9cfcffae02258ffa9865a37bd2 |
| Polkadot Asset Hub | Asset ID 1984 |
Official list from Tether (13 networks). Since 1 September 2025 Tether no longer issues or redeems USD₮ on Omni (Bitcoin), Bitcoin Cash SLP, Kusama, EOS (Vaulta), Algorand. Tether does not list BNB Smart Chain among USD₮ networks — USDT there is Binance-Peg, a token backed by Binance, not issued by Tether; USDT0 is a separate token too.
Contracts by network
| Network | Contract address | Token | Issuer can |
|---|---|---|---|
| Solana | Es9vMFrzaCERmJfrF4H2FYD4KCoNkY11McCe8BenwNYB6 decimals | native | freeze |
| Ethereum | 0xdac17f958d2ee523a2206206994597c13d831ec76 decimals | native | freeze and destroy the balance |
| Optimism | 0x94b008aa00579c1307b0ef2c499ad98a8ce58e586 decimals | bridged | cannot freeze |
| BNB Chain | 0x55d398326f99059ff775485246999027b319795518 decimals | Binance-Peg | cannot freeze |
| Base | 0xfde4c96c8593536e31f229ea8f37b2ada2699bb26 decimals | bridged | cannot freeze |
| Tron | TR7NHqjeKQxGTCi8q8ZY4pL8otSzgjLj6t6 decimals | native | freeze and destroy the balance |
Contracts indexed by Stablecoin scanner ACHIVX, snapshot of 2026-10-27. Always check the address before sending.
Risks and caveats
- USD₮ is not legal tender, is not backed by any government and is not insured — no FDIC or SIPC protection or equivalents.
- Part of the reserves is volatile: gold, bitcoin, public equities and other investments were 19.7% of reserves on 30 September 2026, while the excess over liabilities was $7.95 bn.
- Tether International is a defendant in a class action in New York over the 2017–2018 bitcoin price drop; the report recognises no provision because the outcome cannot be estimated.
- Blockchain transfers are irreversible; tokens sent to a wrong network or address may be lost.
About the issuer
- Issuer
- Tether International, S.A. de C.V. (El Salvador)
- Site operator
- Tether Operations, S.A. de C.V.
- Platform launched
- 2014
- Management
- Paolo Ardoino (CEO), Giancarlo Devasini (Chairman), Simon McWilliams (CFO), Claudia Lagorio (COO)
- Other tokens
- XAU₮ (gold), MXN₮ (Mexican peso); EUR₮ wound down on 27 Nov 2025; CNH₮ redemptions end on 20 Feb 2027
Questions and answers
Who issues USDT?
USDT is issued by Tether International, S.A. de C.V. Legal home: El Salvador.
What backs USDT?
According to the issuer’s documents: US Treasury bills, reverse repurchase agreements, gold, secured loans, bitcoin, other investments, listed shares.
Can I redeem USDT with the issuer?
For verified customers of the issuer; minimum 100,000 USD; fee: the greater of $1,000 or 0.1%.
How is USDT regulated?
El Salvador: licensed stablecoin issuer; United States: registered with FinCEN as a money services business; United States: foreign issuer under the GENIUS Act; European Union: not authorised under MiCA; ESMA’s opinion of 8 October 2026 says that CASPs authorised under MiCA should cease providing services related to non-MiCA-compliant stablecoins to clients in the EU, with remaining pre-existing exposures to be remediated no later than three months after its publication.
Can USDT be frozen?
On Solana the issuer can freeze an address. On Ethereum, Tron the issuer can freeze an address and destroy its balance. On Optimism, Base it is a bridged version of the token; the issuer cannot freeze it there. On BNB Chain it is Binance-Peg USDT, a token issued by Binance, not by Tether International, S.A. de C.V.; the issuer cannot freeze it.
Which networks is USDT on?
According to the issuer, USDT is issued on 13 networks: Ethereum, Tron, TON, Solana, Avalanche, Aptos, NEAR, Tezos, Celo, Kaia, Cosmos (Kava), Liquid, Polkadot Asset Hub. Stablecoin scanner ACHIVX indexes USDT on: Solana, Ethereum, Optimism, BNB Chain, Base, Tron.
Has Tether been audited?
Quarterly reserve reports are checked by BDO (reasonable assurance under ISAE 3000 (Revised) since the report as of 31 Dec 2025). Tether says KPMG U.S. completed a full audit of its 2025 financial statements with an unqualified opinion (13 Aug 2026).
Is USDT insured?
No. USD₮ is not legal tender, not backed by a government and has no FDIC, SIPC or similar protection.
Can U.S. residents buy USDT from Tether?
No. Tether’s terms bar U.S. persons, except eligible contract participants approved by Tether; Tether offers USA₮ for the U.S. market.
What share of the reserves is in U.S. Treasury bills?
As of 30 September 2026: 64.2% directly in T-bills, and 72.9% in cash equivalents including repo and deposits.
On which networks can USDT no longer be redeemed?
Since 1 September 2025: Omni (Bitcoin), Bitcoin Cash SLP, Kusama, EOS (Vaulta), Algorand.
Learn more
- Who issues USDT, what backs it and what the issuer can do — ACHIVX Academy
- Open USDT in Stablecoin scanner ACHIVX
More questions in ACHIVX Academy
- Is USDT safe? What Tether's own documents say
- Can Tether freeze USDT held in my wallet?
- Can I redeem USDT or USDC with the issuer myself?
- How do Tether and Circle say USDT and USDC are backed?
- What is the GENIUS Act, and what does it change for USDT and USDC?
- What is USA₮, and how is it different from USD₮?
- What happens if the issuer fails?
Sources
- Tether — Token Terms of Sale and Service (26 Feb 2026)
- Tether — Fee Schedule
- Tether — Transparency, Reports & Reserves
- BDO — Assurance Report (ISAE 3000R) on Tether International's Financial Figures and Reserves Report, 30 Sep 2026
- ESMA — supervisory expectations on services related to unauthorised stablecoins (8 Oct 2026)
- Tether — announcement of the KPMG audit of 2025 financial statements (13 Aug 2026)
- Tether — Supported protocols and integration guidelines
- Tether — FAQs
Tether — Token Terms of Sale and Service (26 Feb 2026)
ESMA — supervisory expectations on services related to unauthorised stablecoins (8 Oct 2026)Similar stablecoins
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