Tether has released its second-quarter 2026 attestation, reporting a $1.5 billion net operating profit while preserving a $4.11 billion reserve buffer above its outstanding token liabilities. The results, prepared by BDO, show total assets of approximately $187.75 billion against $183.64 billion in liabilities, with USDT's circulating supply rising modestly to about $184.6 billion—a $446 million increase that pushed the stablecoin's market share past 60% even as the broader sector contracted.
The quarter's profit was primarily driven by yields from U.S. Treasury securities and repo operations. Tether simultaneously reduced secured lending by $2.38 billion (a 15% decline) and expanded its physical gold reserves by an additional 14 tons, bringing total gold holdings to more than 146 tons valued at around $18.8 billion. “USDT stayed fully backed throughout the quarter, with reserves still surpassing liabilities by $4.11 billion,” said CEO Paolo Ardoino, who also noted the company added over 30 million users globally.
Despite market losses that pressured paper valuations of some reserve assets, the buffer remained intact, emphasizing the difference between unrealized losses and actual solvency. The report also highlighted that the majority of reserves are held in highly liquid, short-duration instruments to support redemptions. Tether's growing emphasis on gold—including recently obtaining Sharia certification for its gold-backed token XAUt—and its status as a leading purchaser of U.S. Treasuries reflect a strategy balancing yield generation with diversification.
