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RCA

File S7-2026-27/Issue 0042/38 days left

Issuer file

Tether

Tether Limited / Tether Holdings group entities

USD-referenced token issuer

Fragmented coverageBVIEl Salvador

Issuer of USDT. The public evidence picture is attestation-led, with a published reserves report on a stated as-of date. RCA does not currently treat USDT as a MiCA-authorised EMT in the EU file.

Control structure

Group structure spans offshore companies. Public beneficial-ownership detail is thinner than for a listed parent or a NYDFS trust company. RCA records this as an evidence characteristic, not as a finding of hidden control.

Linked assets

Evidence timeline

  1. 31 Jul 2026

    Latest published reserves attestation (as recorded)

    Reported

    Independent accountant's procedures on consolidated reserves as of the stated date.

  2. 22 Aug 2026

    RCA review

    Evidence gap

    Coverage labelled fragmented: attestation present, EU authorisation absent, group map incomplete on public sources.

Disclosures on file

  • Consolidated reserves attestation

    Attestation · 31 Jul 2026

    Dated procedures report. Scope and named entity must be read in the PDF, not in secondary summaries.

Known gaps

  • No EU EMT authorisation in the RCA file.
  • Attestation is agreed-upon procedures, not a full statutory audit of the issuing entity.
  • Holder rights in insolvency are not equivalent to a bank deposit on the public documents we have.
  • Group map and beneficial ownership are not as readily reconstructable as for a listed or NYDFS-trust issuer.

RCA publishes source-linked intelligence for professionals. Nothing here is a token-buying call, a legal opinion, or an “approved / safe / regulated” badge. Every material claim is dated. Incomplete files stay incomplete.