Tether Transparency Gap Persists Amid Reserve Shift

Tether's transparency concerns persist despite claims from Cantor Fitzgerald CEO Howard Lutnick that the company has sufficient funds. Lutnick said he directly manages many of Tether's treasuries and has seen the assets, but this does not alleviate questions about the exact composition of its reserves.

Tether reported $181.2 billion in total reserves as of September 30, 2025, but a lack of full financial audit raises concerns. A completed full financial audit is still pending from Tether's hired Big Four firm, which it announced in March 2026.

The company's reserve composition shows a shift towards diverse assets, with $9.8 billion invested in Bitcoin and $12.9 billion in precious metals. This contrasts with USDC, which holds zero Bitcoin and gold.