Tether reported $1.5 billion in net operating profit for the second quarter of 2026, driven by returns from its U.S. Treasury and repurchase agreement holdings, even as its reserve buffer fell by about half to $4.11 billion.
The issuer of USDT, the world's largest stablecoin, reported holding $187.75 billion in assets against $183.64 billion in liabilities as of June 30, according to the BDO attestation released Friday. That leaves it with $4.11 billion in excess reserves, down from just over $8.23 billion three months earlier.
Gold and Bitcoin Holdings
- Tether increased its physical gold holdings by 14 tons to roughly 146.2 metric tons from 132.2 tons during the quarter. The value of those holdings fell to $18.84 billion from $19.84 billion as the price of gold dropped about 15% to just over $4,000 per ounce.
- The company lifted its bitcoin holdings by roughly 1,796 coins to 98,933 BTC. The value of those holdings fell to $5.80 billion from $6.62 billion as the bitcoin price used in the reports declined to $58,600 from $68,200 during the period.
Tether's USDT issuance increased by about $446 million to $184.6 billion during the quarter.
