Tether (secured loans)
Debt and rates count loans made in US dollars and dollar stablecoins. Loans in euros, francs, yen, ether or bitcoin itself are separate books, shown by currency on each venue, never added in.
- Dollar debt against bitcoin — the desk's whole book, against every collateral it takes — not a bitcoin figure, and not in the bitcoin total.
Loan duration is not a venue figure on an on-chain pool: these markets are open-term, and a position runs until it is repaid or liquidated. A fixed term exists only where the venue writes one — the custodial desks (cefi_credit_rates.term_days) and Gavel's auction, which is fixed-rate and fixed-term by construction.
10 of 10 criteria researched. What the criteria are →
Markets — as served, not a venue rate
One row per market, as the venue publishes them. These are market rates: combining them into a single venue rate is a weighting across this venue's markets, and choosing one here would be a methodology decision taken in a web page.
No BTC market rows are served for this venue. This venue runs no contracts, so there is no market state to read — the absence is a property of the venue class, not a gap.
Price
What does credit cost here, and how is the price formed?
| Rate formation | bilateral_unpublishedsourcebilateral_unpublished per v1 §8.2. No published rate. No rate, counterparty or term in any BDO attestation 2024-12-31 to 2026-06-30 or Tether release read (read 2026-10-05). Value rests on the absence of any published rate; no Tether statement describes rate-setting. |
|---|---|
| Term structure | undisclosedsourceOnly 'notional value for short-term secured loans' (measurement policy, all reports) - some loans are short-term; no tenor given. read 2026-10-05. |
| Rate certainty | undisclosedsourceNot stated in attestations or releases read (read 2026-10-05). |
Quality
What stands behind a position, and what can change under the reader?
| Oracle dependency | undisclosedsourceQ2 2026 attestation note 13 mentions 'margin call and liquidation mechanisms' but names no price source. |
|---|---|
| Default & liquidation | thresholdsourceQ2 2026 attestation note 13: 'The "Secured Loans" category comprises loans over collateralized by assets, subject to margin call and liquidation mechanisms designed to maintain collateral coverage.' (https://assets.ctfassets.net/vyse88cgwfbl/2kYf7r64h3tzwiu6F0CbUB/2997abd2f11ecea74a21528048b50707/Opinion___Report_-_Tether_International_Financial_Figure_30-06-2026.pdf, read 2026-10-05). 2024-12-31 to 2025-12-31 wording: 'loans over-collateralized by liquid assets subject to margin call and liquidation mechanisms.' Thresholds not disclosed. |
| Custody & backing | undisclosedsourceAttestations do not say who holds collateral. BDO procedure only: 'verify, for a sample of outstanding secured loans, the existence of the collateral through the analysis of the contract and of the transactions' (all seven reports, read 2026-10-05). |
| Recourse | undisclosedsourceNot stated (read 2026-10-05). |
| Track record | 0 months observedsourceDerived from credit_venues.first_date (2026-10-05), the day the venue was registered. This is a LOWER BOUND on the venue's age, not the age itself: Tether's secured loans are reported from at least June 2019 (a secondary source). |
Composition
Who and what makes up this market?
| Collateral accepted | Assets not broken down by type (bitcoin share undisclosed)sourceNo attestation names bitcoin as collateral. To 2025-12-31: 'loans over-collateralized by liquid assets'; from 2026-03-31: 'loans over collateralized by assets' (the word 'liquid' dropped). Management policy changed from 'Secured loans are fully collateralized by liquid assets' (to 2025-12-31) to 'Secured loans are over collateralized and regularly monitored' (2026-03-31, 2026-06-30). Historical, SECONDARY: The Block 2023-06-16, from NYAG documents released after a CoinDesk FOIL request: '89% of the total amount of loans was issued against bitcoin as collateral, while 9% had ether as collateral' of '$11.6 billion of collateralized loans between June 2019 and May 2021' (https://www.theblock.co/post/235212/tether-issued-11-6-billion-of-loans-between-2019-and-may-2021). NYAG primary documents not found online. |
|---|---|
| Book depth & concentration | unknown (no per-venue counterparty count exists in this registry or in the comparison payload, so depth and concentration cannot be established (OB2-F1). This is a gap in THIS DATASET, not in the venue, and is a different value from `undisclosed`, which would mean the venue does not publish it (criteria §0.6).) |
| Observability | price: none — No rate, term or counterparty is published for any of Tether's secured loans. The quarterly attestations carry an amount and nothing about its price. quantity: partial — The secured-loan line of Tether's quarterly Financial Figures and Reserves Report, under a BDO ISAE 3000 (Revised) reasonable-assurance attestation — an attestation, not a financial-statement audit. Seven quarter-ends held, 2024-12-31 to 2026-06-30 ($8.19bn rising to $17.04bn at 2025-12-31, $13.45bn at 2026-06-30). ⚠ NOT A BITCOIN BOOK: the reports say the loans are over-collateralised by "assets" ("liquid assets" until 2025) and never name bitcoin, so the figure is served with collateral_scope unstated and is not added to any bitcoin total. composition: none — Collateral is not broken down by asset. The only breakdown known is secondary and historical: The Block (2023-06-16), from New York Attorney General documents, reported 89% of $11.6bn lent June 2019 – May 2021 was against bitcoin. That is a claim about 2019–21, not about this book. |
What the loans are denominated in
Not disclosedAttestations carry secured loans in US$ ('Asset Category US
#x27;) but do not say what the loans are paid out in (USDT vs USD). WSJ 2023 (via The Block https://www.theblock.co/post/252273/tether-stablecoin-lending) called them stablecoin loans - secondary. No Tether primary statement found.Each currency is a separate book; the dollar equivalents compare sizes and are never added together.
Backing chain
backing_chain (v1 §9.5, D29): the ordered claims standing between a creditor and the coins, each link derived from a sourced fact already held and carrying it in `derived_from` — the custody cell, the venue's borrow card, or wrapper_registry.yaml for who holds the bitcoin behind a token. A `representation` link has one branch per token the venue takes; branches are alternatives, not a sequence. A link nobody has established is shown with status `incomplete` and names what is missing — it is never dropped, because a missing link omitted makes a long chain look short. `undisclosed` means the party does not publish it; `incomplete` means this dataset has not established it. NEVER SCORED AND NEVER COUNTED: no length, link count or ranking is published, and none should be derived — chain length and link transparency are orthogonal (ETP-backed margin is the longest chain here and every link of it is regulated). `recourse` is what the creditor holds beyond the chain. ⚠ Tokens are identified BY SYMBOL: the wrapper registry is not keyed by chain or address, so every `representation` link carries a `deployment` step that is incomplete — whether a token is native to the chain of the venue or a bridge receipt (one more link) is not established — and a symbol the registry knows to name a different token on a venue is shown unresolved, not given that wrapper's holders.
- desk undisclosed
source
attribute · custody_model = undisclosedAttestations do not say who holds collateral. BDO procedure only: 'verify, for a sample of outstanding secured loans, the existence of the collateral through the analysis of the contract and of the transactions' (all seven reports, read 2026-10-05). - sub_custodian incompleteno borrow card for this venue names one
- reuse incompleteno borrow card for this venue carries a custody model
source
The generic axis set
Identical for every venue, identically computed. An axis that cannot be computed here renders its reason — never silently omitted, because an omitted axis says it was not considered. A figure that covers only part of what the axis asks is marked, with what it leaves out beneath it.
| Collateral locked | not published — the desk's book covers every collateral it takes and bitcoin's share of it is not published, so its bitcoin cannot be estimated from it |
|---|---|
| Debt outstanding | $13.45bn · whole_book the desk's whole book, against every collateral it takes — not a bitcoin figure, and not in the bitcoin total cefi_book_observations |
| Utilisation | not applicable — there is no pool of deposits here to be drawn |
| Venue-level borrow APR | not published — this lender negotiates terms per borrower and publishes no card, so there is no posted price to read (DI3-G2) |
| Venue-level lend APR | not published — the desk publishes no lend card |
| Intermediation margin | not published — needs both a borrow and a lend rate; the borrow rate is not served here |
| Trailing realised average (7/30/90d) | not published — a posted or filed rate has no daily series here |
| Rate volatility (30/90d) | not published — a posted or filed rate has no daily series here |
| Spread to the pair aggregate | not published — this venue has no borrow rate to compare |
| Spread to matched Treasuries | not published — this venue has no borrow rate to compare |
| Origination flow | not published — the venue publishes no loan-by-loan flow |
| Repayment flow | not published — the venue publishes no loan-by-loan flow |
| Aggregate and distributional LTV | not published — the desk publishes no realised LTV of its book |
| Residence distribution | not published — the venue publishes no loan durations |
| Liquidation incidence | not published — the venue publishes no liquidations |
| Top-10 concentration share | not published — the venue publishes no borrower distribution |
There is no score on this page and none will be added. The criteria are published and versioned before any venue is measured against them, and this venue's row is produced by the same pipeline as every other.
Access routes
Not yet surveyed. No one has looked for an MCP server for this venue. That is not the same as having looked and found none, and this row will not say the second while meaning the first. The listing criteria are published.
How this venue compares depends on what you'd borrow, for how long, against what. That's a question for your AI, with this data behind it.
https://mcp.bitcoincreditstack.com/mcp