Tether posts $1.5 billion operating profit in Q2 as reserve buffer falls by half

Tether reported a net operating profit of $1.5 billion for the second quarter of 2026, supported mainly by returns from its U.S. Treasury and repurchase agreement holdings. As of June 30, 2026, the stablecoin issuer held $187.75 billion in assets against $183.64 billion in liabilities, resulting in an excess reserve buffer of $4.11 billion. This reserve buffer had decreased significantly from just over $8.23 billion three months earlier.

During the quarter, Tether increased its physical gold holdings by 14 metric tons, bringing the total to approximately 146.2 metric tons. Despite this increase in quantity, the value of the gold dropped to $18.84 billion from $19.84 billion due to a roughly 15% decline in gold prices to just over $4,000 an ounce. Similarly, Tether's bitcoin holdings rose by about 1,796 coins to 98,933 BTC, but their value decreased to $5.80 billion from $6.62 billion because the bitcoin price used in the report fell from $68,200 to $58,600.

The issuance of Tether’s USDT stablecoin increased by approximately $446 million during the quarter, reaching a total of $184.6 billion. The reduction in Tether’s excess reserves and the decline in the value of its precious metals and bitcoin holdings reflect the impacts of broader market price movements, as detailed in the BDO attestation released with the report. This information highlights the evolving composition and value of Tether's reserves amid fluctuating asset prices while maintaining profitability.