The original idea was 1 USDT represents 1 $
so each USDT is backed by 1 $
Many investors thought that for each USDT on the market there was 1 $ in a bank account of Tether.
Tether assets backing all USDT's are audited quarterly by BDO Italia, part of BDO International, a major international auditing firm.
This is the result of the last audit report, dated September 2023
85.73% Cash & Cash EquivalentsBreakdown of Cash & Cash Equivalent:
76.44% U.S. Treasury Bills
11.08% Overnight Reverse Repurchase Agreements
0.88% Term Reverse Repurchase Agreements
11.12% Money Market Funds
0.4% Cash & Bank Deposits
0.09% Non-U.S. Treasury Bills
0.1% Corporate Bonds
3.65%. Precious Metals
1.92% Bitcoins
2.61%. Other Investments
5.98%. Secured Loanshttps://tether.to/en/transparency/#reports