Tether T-bills

Federal Reserve H.4.1 (week ended August 26, 2026) shows SOMA Bills at 541,389 million face value, total securities held outright at 6,471,263 million, and reverse repurchase agreements at 362,213 million, both up from the May 2026 pack baseline (459,607 million bills; 342,628 million RRP), indicating continued growth in T-bill market depth.

Bills: 541,389 million face value; Securities held outright: 6,471,263 million (week ended August 26, 2026). Reverse repurchase agreements: 362,213 million.

Tether announced on August 13, 2026 that KPMG U.S. completed its first full annual audit of Tether International S.A. de C.V. financial statements for year-end December 31, 2025, issuing an unqualified opinion, with reserves exceeding liabilities by $6.814B as of that date. This is a governance/verification-regime upgrade beyond quarterly attestations, not a new reserve-composition disclosure.

unqualified audit opinion... reserves exceeding the liabilities by $6.814 billion... KPMG physically counted and inspected every individual gold bar held by Tether.

SIFMA's US Treasury Securities Statistics page, updated August 10, 2026, reports total US Treasury Securities Outstanding (as of July) at $31.5 trillion, +8.6% year-over-year, and YTD issuance through July of $18.9 trillion, +10.2% year-over-year. This is the total marketable Treasury securities aggregate, not a T-bill-only float figure.

Outstanding (as of July) $31.5 trillion, +8.6% Y/Y. Issuance (YTD 2026 thru July) $18.9 trillion, +10.2% Y/Y.

Forkast News (August 1, 2026) reports Tether Q2 2026 total assets of $187.75B against $183.64B liabilities, secured lending reduced by approximately $2.38B (15%), gold holdings up to 146.2 metric tons ($18.84B), and bitcoin holdings of 98,933 BTC ($5.80B). The piece notes Tether no longer discloses the specific dollar breakdown of its T-bill portfolio composition in this attestation cycle.

total assets of $187.75 billion against $183.64 billion in liabilities... reduced its secured lending exposure by approximately $2.38 billion, or 15%... the specific maturity and composition of the T-bill portfolio remain obscured.

Tether's Q2 2026 BDO attestation (as of June 30, 2026) shows total assets of $187,751,426,411 against total liabilities of $183,641,897,215, leaving excess reserves of $4,109,529,196, down from $8.23B at Q1 2026. Net operating profit was $1.5B for the quarter, driven by the Treasury and repo portfolio.

The Company's total assets amount to US$ 187,751,426,411, the Company's total liabilities amount to US$ 183,641,897,215, and the Company's assets exceed its liabilities by US$4,109,529,196.

Outstanding (as of June) $31.1 trillion, +8.5% year-over-year. Trading (through June) $1,228.9 billion ADV, +11.1% year-over-year.

Outstanding (as of June) $31.1 trillion, +8.5% year-over-year. Trading (through June) $1,228.9 billion ADV, +11.1% year-over-year.

Bills: 499,249 million face value; Securities held outright: 6,453,494 million (week ended July 8, 2026). Reverse repurchase agreements: 348,475 million (week ended July 8, 2026).

Bills: 499,249 million face value; Securities held outright: 6,453,494 million (week ended July 8, 2026). Reverse repurchase agreements: 348,475 million (week ended July 8, 2026).

The AICPA submitted a comment letter to the OCC on May 22, 2026 urging incorporation of its 2025 stablecoin reporting criteria into GENIUS Act (P.L. 119-27) rulemaking, advocating for monthly reserve attestations under AICPA SSAE standards and annual controls examinations. The letter confirms OCC GENIUS Act rulemaking remains in the notice-and-comment phase as of May 22, 2026, with no final rules issued and issuer compliance effective date still set for January 18, 2027.

The AICPA submitted a comment letter encouraging the OCC to incorporate AICPA stablecoin criteria into GENIUS Act rulemaking. The letter advocates for monthly examinations over reserves performed in accordance with the AICPA Statements on Standards for Attestation Engagements.

CoinMarketCap live data as of May 21, 2026 shows USDT circulating supply at 189.84B tokens with market cap of $189.66B and price at $0.999017, confirming peg stability. Supply is up from the Q1 2026 BDO Italia ISAE 3000R attestation baseline of approximately $183.54B in outstanding liabilities as of March 31, 2026, consistent with a sub-$20B single-quarter swing and no section-13 falsification-threshold breach.

Circulating Supply of USDT is 189.84B. Market Cap: $189.66B. Current Price: $0.999017.

The Paradigm GENIUS Act rulemaking tracker as of May 21, 2026 shows 0 of 25 required final rules completed. Full compliance implementation remains set for January 18, 2027 (18 months after the July 18, 2025 enactment date). The tracker notes agencies face no formal penalties for missing statutory deadlines, introducing schedule uncertainty into the compliance timeline.

0/25 final rules completed. Full implementation set for January 18, 2027. Implementation timelines are largely suggestive -- while agencies try to stick to these deadlines, they face no formal penalties if they are not met.