Tether / USDT
CurrentCoreTether USD
Observed surplus
+$5.47Bat 102.98%Point-in-time comparison of scope-compatible observed reserves and circulating liabilities. Reserve source 2026-08-31 23:30 UTC · liability observation 2026-08-31 23:30 UTC · on-chain coverage 0.0%. 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
Share of observed backing Philidor pinned on-chain at finalized blocks
UTC as-of timestamp published by the reserve source
Reserves vs liabilities
Observed backing against circulating supply. Ratio appears only on scope-compatible points.
Only one admissible backing snapshot is published today (Sep 1, 2026). The time series appears after another observation is available.
Evidence ledger
Provenance and freshness for the selected snapshot.
- Monitoring status
- Current
- Evidence method
- Issuer transparency report
- Liability method
- Issuer-reported liabilities
- On-chain coverage
- 0.0%
- Source
- Tether transparency feed
- Source updated
- 2026-08-31 23:30 UTC
- Liability observed
- 2026-08-31 23:30 UTC
- Snapshot observed
- 2026-09-01 15:03 UTC
- Monitoring cadence
- Every 15 minutes
- Source cadence
- Every day
- Primary source
- Open evidence
- API record
- JSON
Issuer-reported reserve and liability evidence. Philidor validates source structure, timestamps, and arithmetic but does not relabel it as independent assurance or on-chain verification.
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 | $188.85B | 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: every product identifies whether evidence is Philidor-verified on-chain, independently attested, or issuer-reported. 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.