Tether / USDT
CurrentCoreTether USD
Observed surplus
+$5.47Bat 102.98%Point-in-time comparison of scope-compatible observed reserves and circulating liabilities. Reserve source 2026-10-15 23:30 UTC · liability observation 2026-10-15 23:30 UTC · on-chain reserve evidence 0%. This is evidence for underwriting, not a solvency guarantee.
Decision snapshot
Reserve evidence, published risk rating, and scope controls are separate signals.
Published asset rating; separate from the reserve snapshot
Observed reserves divided by liabilities across a common scope
Observed reserves less circulating liabilities
Liability operand published by the issuer in the cited disclosure
Backing value in the current published snapshot
0% on-chain · 100% off-chain evidence · no current evidence gap. Assurance strength is shown below
UTC as-of timestamp published by the reserve source
Evidence classification
Mutually exclusive assurance layers. Each side sums to 100% and is assessed separately.
Reserve evidence
strongest layer per dollar- Evidence coverage
- 100%
- On-chain
- 0%
- Off-chain
- 100%
Current evidence covers 100% of observed reserve value: 0% on-chain and 100% off-chain. 100% comes from the cited issuer or source report and is not independently reproduced for the current snapshot. Coverage describes evidence availability, not an audit or solvency opinion.
Liability evidence
classified separately- Evidence coverage
- 100%
- On-chain
- 0%
- Off-chain
- 100%
The liability operand comes from the same cited issuer disclosure as the reserve figure; it is not an independent on-chain supply read.
Reserves vs liabilities
Observed backing against circulating supply. Ratio appears only on scope-compatible points.
Evidence ledger
Provenance and freshness for the selected snapshot.
- Monitoring status
- Current
- Evidence method
- Issuer transparency report
- Liability method
- Issuer-reported liabilities
- On-chain reserve evidence
- 0%
- Issuer-published attestation
- Not applicable
- Ratio evidence basis
- Issuer-reported reserves / issuer-reported liabilities
- Source
- Tether transparency feed
- Source updated
- 2026-10-15 23:30 UTC
- Liability observed
- 2026-10-15 23:30 UTC
- Snapshot observed
- 2026-10-16 15:45 UTC
- Snapshot age / limit
- 3.3h / 7.0h · within limit
- Source age / limit
- 19.5h / 2.0d · within limit
- Operand skew / limit
- 0s / 60s · within limit
- Monitoring cadence
- Every 15 minutes
- Source cadence
- Every day
- Primary source
- Open evidence
- API record
- JSON
Tether issuer transparency feed; total assets and total liabilities are taken from the same timestamped payload. Quarterly independent assurance is point-in-time and must not be treated as assurance of later feed values.
Reserve composition
Observed backing sleeves with value, share, and sleeve-level risk treatment.
| Backing sleeve | Observed value | Share | Sleeve score | Score basis |
|---|---|---|---|---|
| Issuer-reported reserves | $189.13B | 100.0% | 2.0/10 | Fail-closed |
Explicit evidence gaps
Unobserved fields remain null. They are never estimated or zero-filled.
- Delta-neutral claim
- No observed source asserts delta-neutrality for this product.
- Insurance fund
- No adapter observes an insurance fund for this product yet.
Market context
Investable TVL and net APR for USDT. This series is not reserve evidence and does not enter the collateral ratio.
Derived points reconstruct historical vault snapshots using today's vault eligibility; observed points are captured directly from that day's investable set.
Published coverage basis
Observed figures from Philidor’s stablecoin backing look-through. Reserve value is partitioned by its strongest admissible current evidence layer: direct on-chain verification, issuer-published third-party attestation results, source report only, or unverified. Philidor does not independently fetch the auditor artifacts behind issuer-published attestation results. Liability evidence is measured separately. Shares are mutually exclusive and total 100%; 0% direct on-chain does not mean 0% backing. Reserve and liability timestamps are separate, stale evidence fails closed, and cross-time or cross-scope ratios are withheld. Unobserved fields are null with a reason; nothing is inferred. This is decision evidence, not a solvency guarantee.