Tether achieved $1.5 billion in net operating profit in the third quarter of 2026. The issuer of the stablecoin USDT has thus increased its profits to $4.5 billion since January. Its reserves now reach 191.5 billion dollars, with a surplus of almost 8 billion. The figures were published on October 30 in a financial statement prepared by BDO.
In brief
- Tether earns $1.5 billion in third-quarter net operating profit.
- USDT reserves reach $191.5 billion at the end of September.
- The excess reserves climbed to 7.95 billion dollars, compared to 4.1 billion at the end of June.
Tether maintains profits at $1.5 billion
Profits continue to flow into Tether. After an already profitable second quarter, the company announces a new net operating profit of $1.5 billion between July and September. The amount remains close to that of the previous quarter. In 2025, Tether had already exceeded $10 billion in profits, a performance largely fueled by its financial investments.
For 2026, the counter shows $4.5 billion over nine months. The main source of income does not change. Tether places a large portion of the funds received against the issuance of USDT in US Treasury bonds and reverse repo transactions. These investments generate interest that the company retains.
The amounts are becoming considerable with nearly $184 billion of stablecoins in circulation. This amount of USDT remained generally stable during the first three quarters, despite fluctuations in the crypto market.
Tether therefore did not need a large increase in emissions to maintain its profits in the third quarter. The financial report also provides important clarification on its reserves. As of September 30, the company reported exactly $191.45 billion in assets, compared to $183.50 billion in liabilities.
The surplus reached $7.95 billion. At the end of June, it represented only 4.1 billion. In three months, Tether has almost doubled this safety margin.
Tether reserves exceed $191 billion
US Treasury bonds still occupy the first place in reserves. Tether directly holds $122.84 billion of these securities. By including certain repurchase agreements guaranteed by American debt, its direct and indirect exposure reaches 132.4 billion.
Total cash, cash equivalents and short-term deposits represent $139.58 billion, or approximately 73% of reported assets. The rest is distributed among several categories. Notably, the company owns $19.08 billion in precious metals, primarily physical gold, as well as $8.37 billion in bitcoin. Guaranteed loans represent $14.18 billion.
Added to this are 6 billion in other investments and 4.18 billion in listed shares. Bitcoin and gold together represent around 14.3% of reserves. This composition exposes part of the balance sheet to variations in the financial markets and cryptocurrencies. The value of bitcoin holdings notably increased from around $5.8 billion at the end of June to $8.37 billion at the end of September.
Tether continues the expansion of its stablecoin at the same time. USDT had already reached a new adoption milestone in 2026, particularly in emerging markets. The importance of these reserves now goes beyond the crypto sector alone. With more than $132 billion in exposure to US Treasury securities, Tether is among the largest holders of US government debt.
A strengthened balance sheet, but transparency remains monitored
The excess reserves constitute one of the main new features of this report. As of June, Tether had approximately $2.24 in excess assets for every $100 in liabilities. At the end of September, this margin reached $4.34.
The calculation is based on the amounts declared in the two quarterly certificates. This additional reserve can help absorb certain valuation losses. However, it does not guarantee that all assets can be sold immediately at their book value in the event of a crisis.
The report of BDO also has several methodological reservations. Valuations are based on normal market conditions and may differ from the amounts actually recoverable during a period of exceptional disruption.
Another important distinction: the quarterly attestation does not constitute a complete audit of Tether’s financial statements. The company announced in August an audit of its 2025 accounts carried out by KPMG. The firm then issued an unqualified opinion on the audited financial statements of Tether International. The figures for September 2026 come from a new certificate relating to the financial situation on a specific date. Paolo Ardoino, CEO of Tether, defends this reserve policy as a way to maintain the reliability of USDT when markets come under stress.
Maximize your Tremplin.io experience with our ‘Read to Earn’ program! For every article you read, earn points and access exclusive rewards. Sign up now and start earning benefits.
