The biggest controversy in crypto is Tether’s backing. Critics claim it’s printed out of thin air, while Tether Limited claims full reserves. In this 2025 deep dive, we analyze the latest attestation reports and the composition of the USDT reserve. The Shift to US Treasuries In the past, Tether held commercial paper (corporate debt). However, …
USDT Reserves Explained: Is Tether Really Backed 1:1?

