STABLECOIN EVIDENCE
USDT
Issuer-liability USD token backed by corporate reserves that include cash equivalents, U.S. Treasuries, repo, precious metals, bitcoin, equities, secured loans, and other investments — not cash-only.
Detail ready · Core-10 evidence
What backs this stablecoin?
Reserve composition from published evidence. Missing percentages are not inferred.
Backing Flow
Holder → issuer or protocol → backing → custody or hedge → verification. Unknown links stay labeled UNKNOWN.
Can you redeem it directly?
Exchange trading is not issuer redemption.
Eligibility restricted
- Eligible
- Eligible counterparties per Tether Terms / RID
- KYC
- Required
- Minimum
- Not published
- Fee
- Not published
Exchange trading is not issuer redemption.
Who controls what?
Who can mint, freeze, pause, upgrade, or govern — as evidence, not a safety score.
| Control | Present | Controller | Evidence | Source |
|---|---|---|---|---|
| Mint | YES | Issuer | VERIFIED | — |
| Freeze | UNKNOWN | UNKNOWN | UNRESOLVED | — |
| Blacklist | UNKNOWN | UNKNOWN | UNRESOLVED | — |
| Pause | UNKNOWN | UNKNOWN | UNRESOLVED | — |
| Upgrade | UNKNOWN | UNKNOWN | UNRESOLVED | — |
| Governance | UNKNOWN | UNKNOWN | UNRESOLVED | — |
Mint
YESControllerIssuer
Freeze
UNKNOWNControllerUNKNOWN
Historically used on some chains — per-chain map incomplete
Blacklist
UNKNOWNControllerUNKNOWN
Pause
UNKNOWNControllerUNKNOWN
Upgrade
UNKNOWNControllerUNKNOWN
Governance
UNKNOWNControllerUNKNOWN
Corporate issuer control
How is the backing independently checked?
Report type matters.
Assurance report
Independent assurance / examination of a reserve assertion — not “audited” shorthand.
- Provider
- BDO Advisory Services S.r.l.
- Report
- ISAE 3000R on reserve figures — not ‘audited stablecoin’ shorthand
- Report date
- Jun 30, 2026
- Covered assets
- Reserve asset figures in Financial Figures & Reserves Report
- Covered liabilities
- Consolidated liabilities referenced in report
- Scope limitation
- Point-in-time assurance; not a full financial-statement audit of the token itself
Reserve history
Append-only verified snapshots only. No synthetic series.
Jun 30, 2026
BDO ISAE 3000R Financial Figures & Reserves Report
187.75B USD
Current verifiedFresh evidence ≠ safeWhat does this stablecoin depend on?
Structural dependencies only.
- Issuer
- Reserve counterparties
- Banking / custody rails
- Multi-chain deployments
Material history
Verified research-pack events only — not a sensational timeline.
- Banking event2023-03SVB banking event → temporary depeg → recovery (research pack)
Answer-first evidence blocks
What backs USDT?
Corporate reserves reported as of 2026-06-30 including U.S. Treasury bills, reverse repo, precious metals, bitcoin, secured loans, equities, and other investments — not cash-only.
Who issues USDT?
Tether International, S.A. de C.V. (entity-scoped El Salvador authorizations).
Is USDT audited?
Research taxonomy shows an ISAE 3000R ASSURANCE_REPORT on reserve figures (BDO). That is not labeled a FINANCIAL_STATEMENT_AUDIT of the token. Do not write “audited” as shorthand.
Can USDT be frozen?
Freeze capability is UNKNOWN at Core-10 pack depth — historically observed on some chains; per-chain admin map incomplete.
Who can redeem USDT?
Direct issuer redemption is eligibility-restricted under Tether Terms. Secondary-market trading is not issuer redemption.
Regulatory structure
- Tether International authorized as Stablecoin Issuer and DASP under El Salvador CNAD (entity-scoped).
- Never write: USDT is regulated.
Unresolved / open gaps
- Per-chain freeze/admin map
- Named bank roster
- Named banking / custodian roster not fully primary-extracted this pass → UNKNOWN.
Related evidence links
Stablecoin Evidence interface. No safety score. No investment recommendation. Unresolved evidence remains unresolved.