CoinDesk
Tether reported $1.5 billion in net operating profit for the second quarter of 2026, driven by returns on its U.S. Treasury and repurchase agreement holdings. The world's largest stablecoin issuer held $187.75 billion in assets against $183.64 billion in liabilities as of June 30, leaving $4.11 billion in excess reserves, down from just over $8.23 billion three months earlier, according to the BDO attestation released Friday.
The quarter saw Tether add roughly 14 metric tons of gold, lifting physical holdings to about 146.2 tons, and add approximately 1,796 BTC to push its bitcoin stash to 98,933 BTC. The market value of both positions fell as gold dropped about 15% to just over $4,000 per ounce and the BTC price used in the report slipped to $58,600 from $68,200. USDT issuance edged up by about $446 million to $184.6 billion.
Why it matters
The combination of record operating profit and a halving of excess reserves is the tension that defines Tether's current balance sheet. Treasury yield income is still doing the heavy lifting, while the equity cushion that backstops USDT in a stress scenario is getting thinner even as the float grows. The mix shift toward gold and bitcoin also changes the risk profile of the reserve base, since both assets are more volatile than the short-dated Treasuries and repos that anchor the bulk of the portfolio.
Market impact
Gold and BTC mark-to-market losses on the reserve book are not realised, but they do compress the equity ratio. For USDT holders, the relevant read is that $4.1 billion of excess reserves against $183.6 billion of liabilities is still a thin equity buffer relative to a regulated bank or money-market fund, even if the headline profit number looks exceptional. Watch the next BDO attestation for whether reserves rebuild or continue to draw down, and for any disclosure on how Tether marks its discretionary bitcoin and gold positions relative to its Treasury core.
Frequently asked questions
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How much profit did Tether report in Q2 2026?
Tether reported $1.5 billion in net operating profit for Q2 2026, driven by returns on its U.S. Treasury and repurchase agreement holdings.
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What happened to Tether's excess reserves in Q2?
Excess reserves fell by about half to $4.11 billion as of June 30, down from just over $8.23 billion three months earlier, per the BDO attestation.
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How much bitcoin and gold does Tether hold now?
Tether holds 98,933 BTC and about 146.2 metric tons of physical gold after adding roughly 1,796 BTC and 14 tons of gold during the quarter.
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Did the value of Tether's gold and BTC holdings change?
Yes. Gold dropped about 15% to just over $4,000 per ounce, and the BTC price used in the report fell to $58,600 from $68,200, reducing the mark-to-market value of both positions.
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How much USDT is in circulation now?
USDT issuance increased by about $446 million during Q2 to roughly $184.6 billion, making it the world's largest stablecoin by supply.
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