Overview
- Tether announced a net operating profit of about $1.5 billion for the second quarter of 2026.
- The firm reported a reserve surplus of $4.11 billion, with USDT circulation reaching $184.6 billion.
- During this quarter, Tether increased its gold reserves by 14 metric tons, totaling over 146 metric tons.
Tether's net operating profit for Q2 reached $1.5 billion, marking an increase of nearly 50% compared to Q1 2026. This growth occurred as the stablecoin issuer expanded its USDT supply and bolstered its reserve surplus to over $4 billion, even amidst a downturn in the stablecoin market.
In a recent quarterly attestation released on Friday, Tether disclosed that by June 30, it held approximately $187.75 billion in assets against around $183.64 billion in liabilities, resulting in a reserve surplus of about $4.11 billion.
“Tether is undeniably providing financial inclusion in developing regions like no other entity has in history; we take immense pride in this achievement,” stated CEO Paolo Ardoino on X.
The report indicated that USDT in circulation reached roughly $184.6 billion at the quarter's end, an increase of about $446 million since March. Despite a contraction in the overall stablecoin market, Tether's market share rose to over 60%.
Tether noted that a significant portion of its assets backing USDT is invested in short-term U.S. Treasuries, repurchase agreements, and other highly liquid government-backed securities. These investments were the primary source of the quarter's operating profit, according to the company.
Additionally, Tether reported a reduction in its secured lending exposure by approximately $2.38 billion, or 15%, during the quarter.
Furthermore, Tether increased its physical gold reserves by 14 metric tons, bringing its total to more than 146 metric tons.
Ardoino contrasted Tether's approach with what he referred to as the financial sector's obsession with soaring AI stock valuations, asserting that the company is committed to investing in technologies that enhance access to financial services and AI for underserved communities.
“These results demonstrate that Tether possesses the liquidity, discipline, and scale to remain robust through market fluctuations while continuing to support hundreds of millions of users globally,” he emphasized.