Tether Reports $1.5B Q2 Operating Profit as Treasury Income Offsets Crypto Declines
Tether, the company behind the leading stablecoin USDT, announced a net operating profit of $1.5 billion for the second quarter of 2026, primarily due to its U.S. Treasury investments. By June 30, the firm reported total assets of $187.75 billion and liabilities of $183.64 billion, resulting in excess reserves of $4.11 billion, a decrease from over $8.23 billion in the prior quarter. CEO Paolo Ardoino remarked that the quarter was a test of Tether's reserve management amid market difficulties. Additionally, Tether boosted its gold reserves to 146.2 metric tons, worth $18.84 billion, and acquired 1,796 BTC, bringing its total to 98,933 BTC, valued at $5.80 billion. The circulating supply of USDT increased by $446 million to $184.6 billion, capturing more than 60% of the global stablecoin market.
Key facts
- Tether reported $1.5 billion in net operating profit for Q2 2026.
- Total assets were $187.75 billion against liabilities of $183.64 billion as of June 30.
- Excess reserves fell to $4.11 billion from over $8.23 billion in Q1.
- Earnings driven by U.S. Treasury bills and repurchase agreements.
- CEO Paolo Ardoino commented on the quarter's challenges.
- Gold holdings increased to 146.2 metric tons, value fell to $18.84 billion.
- Bitcoin holdings rose to 98,933 BTC, value dropped to $5.80 billion.
- USDT supply increased to $184.6 billion, maintaining over 60% market share.
- Shift from 'net profit' to 'net operating profit' excludes unrealized losses.
- Reserve surplus decline not explained by the company.
Entities
Institutions
- Tether
- BDO