Tether posts $1.5 billion operating profit in the second quarter as its reserve buffer halves

Tether, the issuer of the world's largest stablecoin, reported net operating profit of $1.5 billion for the second quarter of 2026 in the BDO attestation released on Friday 31 July 2026. The profit was driven largely by returns on the company's US Treasury and repurchase agreement holdings.

According to the report, Tether held $187.75 billion in assets against $183.64 billion in liabilities as of 30 June 2026, leaving excess reserves of $4.11 billion. That figure stood at just over $8.23 billion three months earlier, meaning Tether's reserve buffer roughly halved in a single quarter. USDT issuance rose by about $446 million over the quarter to $184.6 billion.

Tether added 14 tons of physical gold during the quarter, lifting its holdings from 132.2 tons to roughly 146.2 metric tons. The value of those holdings nonetheless fell to $18.84 billion from $19.84 billion, because the gold price dropped about 15% over the period to just over $4,000 an ounce. The company's bitcoin holdings rose by roughly 1,796 coins to 98,933 BTC, but their value declined to $5.80 billion from $6.62 billion as the bitcoin price used in the reports fell to $58,600 from $68,200. Tether is the most widely used cryptocurrency in Iran's market, and the state of its backing and excess reserves bears directly on Iranian holders of the stablecoin.