Tether Posts Record $1.5B Profit as Reserve Buffer Halves

Tether, the issuer of the world's largest stablecoin USDT, reported a net operating profit of $1.5 billion for the second quarter of 2026. This profit was driven by returns from its U.S. Treasury and repurchase agreement holdings.

As of June 30, Tether held $187.75 billion in assets against $183.64 billion in liabilities, leaving it with $4.11 billion in excess reserves. However, this reserve buffer fell by half from just over $8.23 billion three months earlier.

Tether's physical gold holdings increased by 14 tons to roughly 146.2 metric tons during the quarter, but the value of these holdings fell to $18.84 billion due to a 15% drop in gold prices to around $4,000 per ounce.