Tether closed the second quarter of 2026 with roughly $1.5 billion in net operating profit, an increase of nearly 50% from the first quarter, according to the company's latest attestation report. The figures underscore how the stablecoin issuer has continued expanding its balance sheet even as competition in the sector intensifies.
The attestation put Tether's total assets at approximately $187.75 billion against $183.64 billion in liabilities, leaving a reserve surplus of roughly $4.11 billion. That buffer sits on top of the reserves backing USDT itself, which the company has repeatedly pointed to as evidence that the token remains fully collateralized.
USDT Supply Keeps Climbing
USDT in circulation reached about $184.6 billion as of June 30, up roughly $446 million from the end of March. The growth came even as the broader stablecoin market contracted during the quarter, a divergence that pushed Tether's share of the stablecoin market above 60%, according to the report.
Most of the assets backing USDT remain parked in short-term U.S. Treasuries, repurchase agreements, and other highly liquid government-backed instruments — a composition Tether has maintained for several quarters as regulators in the U.S. and Europe scrutinize stablecoin reserve practices more closely.
Gold Holdings Expand Again
Tether added 14 metric tons of physical gold during the quarter, bringing its total holdings to more than 146 metric tons. The continued accumulation of bullion has become a notable feature of Tether's reserve strategy, offering a hedge alongside its dollar-denominated holdings.
The company also trimmed its secured lending exposure by about $2.38 billion, a 15% reduction, continuing a gradual pullback from that segment of its balance sheet.
Tether continues to deliver financial inclusion in the developing world like no other company.
CEO Paolo Ardoino framed the results as evidence of the company's staying power, adding that Tether has the “liquidity, discipline and scale to remain resilient across market cycles.” The quarterly disclosure comes as stablecoin issuers face growing pressure to publish more frequent and more detailed proof of reserves.
The 146 metric tons of gold Tether now holds in reserve is a genuinely large physical stockpile by sovereign standards — more than the official gold reserves of countries like Australia or Denmark. Combined with a $1.5 billion quarterly profit and USDT supply above $184.6 billion, the attestation underscores just how much Tether's own balance sheet has come to resemble that of a mid-sized sovereign wealth fund rather than a typical crypto company, even as it continues to operate as a private, offshore-domiciled issuer rather than a regulated bank.
FAQ
Why does Tether hold physical gold at all?
It's part of Tether's reserve diversification strategy, sitting alongside cash, cash equivalents, and other assets that back USDT's peg — gold specifically offers a reserve asset uncorrelated with the US dollar and traditional financial system.
How does Tether's profitability compare to typical crypto companies?
Tether's $1.5 billion quarterly profit is unusually large for the sector, driven mainly by yield earned on the reserves (largely US Treasuries) backing its roughly $184.6 billion USDT supply.
Source: Decrypt
Related: Tether Adds 14 Tonnes of Gold in Q2, Pushing Reserves to 146 Tons
