Tether Posts $1.5B Q2 Profit as USDT Supply Reaches $184.6B

Tether reported $1.5 billion in net operating profit for the second quarter of 2026, supported by strong returns from its U.S. Treasury and repurchase agreement investments, according to its latest BDO attestation.

As of June 30, the issuer of USDT, the world's largest stablecoin, held total assets of $187.75 billion against liabilities of $183.64 billion. This left Tether with $4.11 billion in excess reserves, although the figure declined from more than $8.23 billion at the end of the previous quarter.

The report also showed changes in Tether's reserve portfolio. The company increased its physical gold holdings by 14 metric tons, bringing total holdings to approximately 146.2 metric tons from 132.2 metric tons in the first quarter. Despite the larger allocation, the value of its gold reserves fell to $18.84 billion from $19.84 billion after gold prices dropped roughly 15% during the quarter to just above $4,000 per ounce.

Tether also expanded its Bitcoin reserves, adding around 1,796 BTC to reach a total of 98,933 BTC. However, the reported value of those holdings declined to $5.80 billion from $6.62 billion because the Bitcoin price used in the quarterly report decreased to approximately $58,600 from $68,200.

Meanwhile, USDT circulation continued to grow. The stablecoin's total issuance increased by approximately $446 million during the quarter, reaching $184.6 billion, reflecting continued demand for the dollar-pegged digital asset across global cryptocurrency markets.

The latest figures highlight Tether's strategy of maintaining substantial reserves across U.S. government debt, gold, and Bitcoin while supporting the expanding supply of USDT. Although lower market prices reduced the reported value of its gold and Bitcoin holdings, the company remained profitable and continued to maintain reserves exceeding its outstanding liabilities.