Tether generated $1.5 billion in operating profit during the second quarter of 2026, maintained excess reserves of more than $4.1 billion, and increased its physical gold holdings to more than 146 metric tons.
Tether, the issuer of the USDT stablecoin, released its financial results for the second quarter of 2026. During the period, the amount of USDT in circulation increased by approximately $446 million compared with the end of the first quarter, despite a decline in the overall stablecoin market capitalization. According to the company, USDT’s share of the global stablecoin market exceeded 60%.
Tether’s key metrics as of the end of Q2 2026:
- Operating profit: near $1.5 billion
- Total assets: $187.75 billion
- Total liabilities: $183.64 billion
- Excess of assets over liabilities: $4.11 billion
- USDT in circulation: about $184.6 billion
- Secured loans: down by $2.38 billion, or 15%
- Physical gold holdings: more than 146 tons, up 14 tons from the previous quarter
According to the report, most of the company’s reserves remained invested in highly liquid assets. Of its $187.75 billion in total assets, near $140.64 billion consisted of cash, short term deposits, and government securities, including $114.96 billion in the U.S. Treasury bills. The company also held $18.84 billion in precious metals, $5.8 billion in BTC, $3.76 billion in publicly traded equities, and $13.45 billion in secured loans.
According to the press release, Tether’s earnings primarily came from its portfolio of short term U.S. Treasury securities and repurchase agreement, or repo, transactions. BDO conducted an independent assurance review of the company’s financial results and reserve composition as of June 30, 2026. The audit firm confirmed that the report fairly presented Tether’s financial position in all material respects.
Tether CEO Paolo Ardoino said the second quarter results confirmed the resilience of the company’s reserve strategy despite elevated market volatility. He said Tether’s user base grew by more than 30 million during the quarter, and the company maintained its position as one of the world’s largest holders of U.S. Treasury securities.
In the second quarter of 2026, Tether also introduced a non custodial cryptocurrency wallet designed for mass market adoption and announced GELT, a lari denominated stablecoin project developed with the support of the Georgian government.
