Tether Delivers $1.5B in Net Operating Profit for Q2 and Lifts Gold Reserves Above 146 Tons

TL;DR

• Quarterly Profit: Tether generated about $1.50 billion in net operating profit, driven by U.S. Treasuries and repo.
• Reserve Strength: Tether’s Assets reached $187.75 billion against $183.64 billion in liabilities, leaving a $4.11 billion surplus and reducing secured lending by $2.38 billion.
• Market Expansion: Tether’s USD₮ issuance climbed to $184.6 billion, market share exceeded 60%, gold reserves rose by 14 tons, and the global user base grew by more than 30 million users.
  

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Tether International, S.A. de C.V. released its Q2 2026 attestation, confirming the accuracy of its financial figures and reserve reporting through BDO. The review highlights continued growth in USD₮ issuance, stronger reserve positioning, and a substantial quarterly profit despite volatility across major asset classes. The update reinforces Tether’s focus on liquidity, short‑duration instruments, and disciplined balance sheet management.

Strong Quarterly Profit and Expanding Market Share

USD₮ issuance reached approximately $184.6 billion at the end of Q2, marking a $446 million increase from Q1 even as the broader digital asset market contracted. The stablecoin’s market share climbed above 60%, underscoring its role as a core settlement and liquidity instrument across global markets. Tether’s reserve strategy remained anchored in high‑quality liquid assets, with U.S. Treasuries and repo driving a net operating profit of roughly $1.50 billion for the quarter. Management noted that Tether continues to rank among the world’s largest buyers of U.S. government securities.

Reserves Exceed Liabilities and Gold Holdings Rise

The attestation shows total assets of $187.75 billion and total liabilities of $183.64 billion, leaving a surplus of about $4.11 billion. The Company also reduced secured lending exposure by $2.38 billion, or 15%, strengthening its risk profile. Gold reserves increased by 14 tons during the quarter, lifting total holdings above 146 tons. CEO Paolo Ardoino said the quarter demonstrated the resilience of the reserve structure under direct market pressure, with USD₮ remaining fully backed throughout sharp moves in gold and Bitcoin.

Continued Infrastructure Development and User Growth

The Company reported that its global user base expanded by more than 30 million users during the quarter. Alongside reserve management, the Big Four audit process advanced, and development continued across the Company’s broader technology and financial infrastructure ecosystem. The Company reiterated its commitment to maintaining a diversified and liquid reserve structure capable of supporting USD₮ demand at scale.