#Tether is no longer a stablecoin company. It is a shadow central bank. Its first full KPMG audit for FY2025 proves it, with an unqualified opinion and reserves exceeding liabilities by $6.8B against $180B+ USDT outstanding. The balance sheet shows: 📌 $141B in USTs, a top-20 holder globally, above most sovereigns 📌 ~146 tonnes of physical gold (~$19B), the largest known non-sovereign position, exceeding Australia's official reserves Tether's excess capital now behaves like a levered gold position on top of UST carry. The asset structure reveals the model: 🔹 Liability side is pure USD, backed almost entirely by USTs yielding ~$5-6B/yr risk-free 🔹 The surplus is recycled into 4-5 tonnes of gold per month, a direct hedge against the USD its entire liability side is denominated in Collecting yield from US debt while positioning for USD debasement. This is exactly how a central bank manages reserves.(BloFin Research)