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Tether reported $1.5 billion in Q3 2026 operating profit, roughly flat quarter over quarter, and $4.5 billion for the first nine months. Its reserve attestation, prepared by BDO, attributes profits primarily to U.S. Treasury bills and reverse repos.
Why it matters
As of September 30, USDT issuance stood at approximately $184 billion, against $191.5 billion in reserve assets and $183.5 billion in liabilities. Excess reserves nearly doubled from $4.1 billion at the end of Q2 to $7.95 billion.
Market impact
Direct and indirect U.S. Treasury bill holdings totaled $132.4 billion. The figures highlight how Treasury-linked income supports Tether's profit and reserve buffer as USDT issuance remains large.
Frequently asked questions
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How much operating profit did Tether report for Q3 2026?
Tether reported $1.5 billion in Q3 operating profit, roughly flat quarter over quarter.
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How did Tether's excess reserves change from Q2?
Excess reserves nearly doubled, rising from $4.1 billion at the end of Q2 to $7.95 billion.
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How did USDT issuance compare with Tether's reserve assets?
As of September 30, USDT issuance was approximately $184 billion, while reserve assets totaled $191.5 billion.
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What were Tether's total liabilities at September 30?
Tether reported $183.5 billion in liabilities as of September 30.
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What drove Tether's reported profits, and how much did it hold in Treasury bills?
Profits were driven primarily by U.S. Treasury bills and reverse repos. Direct and indirect Treasury bill holdings totaled $132.4 billion.
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