Tether reported $1.5 billion in net operating profit for the second quarter of 2026, according to a financial attestation released on Friday. The profit represented a nearly 50% increase compared to the first quarter of the year.
As of June 30, Tether held approximately $187.75 billion in assets and $183.64 billion in liabilities, leaving a reserve surplus of roughly $4.11 billion. That surplus declined from just over $8.23 billion three months earlier.
Tether's reserve surplus as of June 30, 2026.
USDT in circulation reached approximately $184.6 billion at the end of the quarter, an increase of about $446 million from the end of March. Tether's market share of the stablecoin market rose to more than 60%, even as the overall market shrank.
Most assets backing USDT are invested in short-term U.S. Treasuries, repurchase agreements, and other highly liquid government-backed assets. Tether reduced its secured lending exposure by approximately $2.38 billion, or 15%, during the quarter.
Tether added 14 metric tons of physical gold to its reserves, bringing total gold holdings to more than 146 metric tons. However, the value of those holdings fell to $18.84 billion from $19.84 billion due to a gold price drop of about 15% to just over $4,000 per ounce.
The company also increased its bitcoin holdings by roughly 1,796 coins to a total of 98,933 BTC. The value of its bitcoin holdings fell to $5.80 billion from $6.62 billion as the bitcoin price declined from $68,200 to $58,600 during the period.
Tether's Q2 operating profit was driven by returns from its U.S. Treasury and repurchase agreement holdings. CFO Paolo Ardoino said the company is investing in technologies that expand access to financial services and AI for underserved populations, rather than focusing on soaring AI stock valuations.
These results show that Tether has the liquidity, discipline and scale to remain resilient.
Ardoino also said, 'Tether continues to deliver financial inclusion in the developing world.'