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  "domain": "fintech",
  "title": "Tether (USDT) の準備金運用モデル — 2025通期・2026年Q1開示",
  "entry_type": "wiki_entry",
  "frontmatter": {
    "title": "Tether (USDT) の準備金運用モデル — 2025通期・2026年Q1開示",
    "aliases": [
      "tether-business-model",
      "usdt-economics"
    ],
    "domain": "fintech",
    "type": null,
    "created": "2026-05-12",
    "last_updated": "2026-07-30",
    "last_tended": "2026-07-30",
    "review_by": "2026-09-21",
    "confidence": "likely",
    "tags": [
      "fintech",
      "stablecoin",
      "business-model"
    ],
    "status": "confirmed",
    "canonical_anchor": null,
    "related": [],
    "note": null,
    "sources": [
      "https://tether.io/en/transparency/",
      "https://tether.io/news/tether-delivers-10b-profits-in-2025-6-3b-in-excess-reserves-and-record-141-billion-exposure-in-u-s-treasury-holdings/",
      "https://tether.io/news/tether-posts-1-04b-q1-2026-profit-despite-highly-volatile-global-markets-reaches-all-time-highs-8-23b-reserve-buffer-and-maintains-u-s-treasury-heavy-backing/"
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  "summary": "This entry sits under fintech index. Read it with 日本金融規制 — トークン・暗号資産・決済に関する法体系 for adjacent context and 日本 Stablecoin 法制度の三層構造（JPYC・USDC・Project Pax） for the broader system boundary.",
  "headings": [
    "Tether (USDT) の準備金運用モデル — 2025通期・2026年Q1開示",
    "Wiki route",
    "Conclusion",
    "Reasoning",
    "Applicable When",
    "Source",
    "Related"
  ],
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      "INDEX",
      "fintech/INDEX",
      "fintech/circular-reserve-asset-flywheel-overview",
      "fintech/institutional-stablecoin-deposit-token-thesis",
      "fintech/japan-financial-regulation",
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      "https://finwiki.zksc.io/ja/fintech/institutional-stablecoin-deposit-token-thesis/",
      "https://finwiki.zksc.io/ja/fintech/japan-financial-regulation/",
      "https://finwiki.zksc.io/ja/fintech/japan-stablecoin-regulatory-landscape/",
      "https://finwiki.zksc.io/ja/fintech/onchain-finance-vs-crypto-bifurcation/"
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    "external_links_count": 4,
    "external_links": [
      "https://tether.io/en/transparency/",
      "https://tether.io/news/tether-delivers-10b-profits-in-2025-6-3b-in-excess-reserves-and-record-141-billion-exposure-in-u-s-treasury-holdings/",
      "https://tether.io/news/tether-posts-1-04b-q1-2026-profit-despite-highly-volatile-global-markets-reaches-all-time-highs-8-23b-reserve-buffer-and-maintains-u-s-treasury-heavy-backing/",
      "https://tether.io/news/tether-signs-big-four-firm-to-complete-first-full-audit-setting-a-new-quality-standard-for-the-digital-asset-economy/"
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