Tether's Reserve Buffer Plummets Amid Regulatory Tightening

Tether's excess reserves have decreased significantly in the second quarter of 2026. According to the company's BDO Italia attestation, the $8.23 billion buffer has been cut in half, dropping to $4.11 billion by June 30.

This reduction in reserve adequacy contrasts with the growth of the circulating supply of USDT, which increased by roughly $446 million during the same period.

The firm's total assets stand at $187.75 billion against $183.64 billion in liabilities, leaving a margin of safety that is now solely reliant on this remaining buffer.

Tether holds 146.2 metric tons of gold, up from 132.2, but the dollar value of those holdings fell to $18.84 billion from $19.84 billion due to a price drop of approximately 15% to around $4,000 per ounce.