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Tether reports $1.5 billion operating profit in Q2
Excess reserves fell to $4.11 billion from about $8.23 billion three months earlier, even as USDT supply rose $446 million to $184.6 billion.
Tether, the issuer of USDT, reported $1.5 billion in net operating profit for the second quarter of 2026, according to an attestation released by BDO, despite a sharp decline in its reserve buffer.
The stablecoin issuer said its excess reserves dropped by about half to $4.11 billion as of June 30, down from just over $8.23 billion three months earlier. Tether reported $187.75 billion in assets against $183.64 billion in liabilities at that date.
Tether increased its reserves during the quarter, adding 14 metric tons of gold to bring its physical holdings to roughly 146.2 metric tons. It also raised its bitcoin holdings by about 1,800 BTC to 98,933, though the reported value of both gold and bitcoin fell over the period as their market prices declined.
USDT issuance rose by about $446 million during the quarter to $184.6 billion, while Tether’s reserve buffer tightened. The company cited declines in the price of gold and bitcoin as reducing the value of its holdings, even with higher quantities added.
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