Tether posts $1.5 billion Q2 profit, gold reserves 146 tons

Tether, the issuer of the world's largest stablecoin USDT, reported a net operating profit of approximately $1.5 billion for the second quarter of 2026, according to a financial attestation released on July 31. The company's assets exceeded its liabilities by $4.11 billion, though this reserve surplus declined significantly from the previous quarter.

The profit was driven primarily by interest income from U.S. Treasury holdings and repurchase agreements. Tether's circulating supply of USDT grew to about $184.6 billion, an increase of $446 million from the first quarter, securing the stablecoin a dominant market share exceeding 60% even as the broader digital asset market contracted.

The attestation, prepared by accounting firm BDO, shows consolidated assets of $187.75 billion against liabilities of $183.64 billion as of June 30. The resulting $4.11 billion surplus represents a substantial decrease from a record $8.23 billion buffer reported at the end of the first quarter. The company did not provide a detailed explanation for the $5 billion-plus reduction in its excess reserves within its latest report.

CEO Paolo Ardoino stated the quarter demonstrated the resilience of the...