
For this market, the percentage of USDT reserves held in U.S. Treasury Bills at the end of 2026 will be determined using Tether’s reserve report for the quarter ending December 31, 2026. The market value will be equal to 100 × (U.S. Treasury Bills ÷ Total Reserves), using the dollar amounts reported by Tether. If the resulting value is reported to more than one decimal place, it will be rounded to one decimal place. If Tether changes the formatting of its reserve report but continues to publish clearly equivalent figures for direct U.S. Treasury Bills and Total Reserves, those figures will be used.