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Roughly 20% of Tether's "cash equivalent" investments are with grade A-1 and A-2 parties. It's effectively stable, until it's not. We'll see it in our lifetimes.

https://tether.to/en/transparency/#reports

Not an audit

One of the first links on that page is a document titled "INDEPENDENT AUDITORS' REPORT ON THE CONSOLIDATED RESERVES REPORT"

https://assets.ctfassets.net/vyse88cgwfbl/2xJyKdUKicdRUWpC9b...

Who are bdo.it ?

Not one of the first four auditing companies i'd call or trust.

BDO is literally the number five accounting firm globally; so, yeah, not the top four, but ...

BDO is a legit company, though not a "Big-4", I think most would consider them top-10 for audit without any qualms. It's much more reputable than some of the firms that Tether had been trotting out in the past.

A reserves report is not an audit

The whole audit is nicely cover in a single "Trust me bro"

you can read the texts of them yourself and make up your own mind

DYOR or "don't trust, verify" are common mantras in the industry for a reason, and similarly are the reason that I hold custody of my own assets rather than relying on centralized entities like FTX.