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Tether reports $1.5 billion Q2 net operating profit as reserve buffer narrows

Tether reports $1.5 billion Q2 net operating profit as reserve buffer narrows

USDT issuer said assets exceeded liabilities by $4.11 billion at June 30, while circulation rose to about $184.6 billion and reserves included more than 146 metric tons of gold and 98,933 BTC.

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Fact Check
The official Tether.io announcement and Tether's official X post both confirm the claim's core figures exactly: a 9.5% Q2 2026 rise in XAU₮ investor holdings, sold supply of 612,823.66 XAU₮ (up from 559,598.64), an increase of 53,225.02 tokens equal to ~1.66 tonnes of physical gold, and continued demand despite falling bullion prices. The Odaily newsflash independently corroborates the same numbers. All key claim elements are directly supported by the primary source.
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Summary

Tether generated $1.5 billion in net operating profit in the second quarter of 2026, up from $1.04 billion in Q1, as its practice of investing USDT backing mainly in U.S. Treasuries and repurchase agreements continued to benefit from elevated rates. A BDO attestation released on July 31 showed $187.75 billion of assets against $183.64 billion of liabilities at June 30, leaving a $4.11 billion excess reserve buffer, down from $8.23 billion three months earlier. USDT in circulation reached about $184.6 billion, giving Tether more than 60% of a stablecoin market that slipped to roughly $312 billion. The company also reported more than 146 metric tons of physical gold and 98,933 BTC. The figures highlighted Tether's earnings power, but the smaller reserve cushion and the absence of a full audit remain key points of scrutiny for institutional counterparties.

Terms & Concepts
  • stablecoin market: The sector of digital tokens designed to hold a steady value, usually through reserve backing or similar mechanisms.
  • repurchase agreements: Short-term transactions in which securities are sold with a commitment to buy them back later, often used for low-risk cash management.
  • attestation: An accountant's review of selected financial information that is narrower in scope than a full audit.