Tether won big again with USDT. The issuer of the market’s first stablecoin posts $1.3 billion in net operating profit in the second quarter of 2026. Its excess reserves now reach $5.2 billion. US Treasuries remain the core of its income.
In brief
- Tether earns $1.3 billion in second quarter.
- USDT excess reserves reach 5.2 billion.
- US Treasury bonds still occupy a central place in reserves.
USDT brings another 1.3 billion to Tether
Tether continues to accumulate profits. In 2025, the group had already exceeded $10 billion in profits. The second quarter of 2026 adds $1.3 billion in net operating income. The figure comes from the new certificate of reserves.
USDT remains the centerpiece. Each token in circulation must be backed by assets held by Tether. A large portion of these reserves are in highly liquid instruments, notably short-term US debt.
These investments earn interest. Tether keeps them. With the current size of USDT, the result is growing quickly. The stablecoin remains used on exchanges, in DeFi, for payments or simply as a digital dollar between two crypto transactions. The more the supply grows, the more the reserves also grow. And the income with it.
Treasury bonds continue to pay
Tether has held a significant amount of US Treasury bonds for several years. This exhibition has become one of its main sources of income. The group therefore benefits directly from the still high rates in the United States.
Users hold USDT. Tether places reserves. The interests remain in the company. The weight gained by stablecoins is also starting to far exceed the crypto market alone. Tremplin.io recently returned to their growing role in financing American debt.
Tether finds itself in the middle of this evolution. The group is not solely dependent on a rising Bitcoin or a favorable altcoin season. Its reserves are already generating revenue. The quarter shows it again. $1.3 billion. Not thanks to a new token. Not thanks to a spectacular rise in the market. Especially thanks to the assets that support USDT.
Tether keeps 5.2 billion margin
The other big figure in the report is $5.2 billion. These are excess reserves. In other words, Tether claims to hold $5.2 billion more in assets than the amount needed to cover the USDT in circulation.
This cushion is therefore added to the coverage of the tokens. It can absorb a drop in certain assets or other expenses without directly affecting the reserves meant to support USDT. However, the group remains closely monitored. Tether’s size attracts regulators, banks and governments. USDT is now circulating well beyond traditional crypto platforms.
International payments. Emerging markets. Savings in dollars. Trading. American regulations must also be strengthened in the coming months. Tether will have to deal with a much more precise framework for stablecoins, in particular with the GENIUS law which prepares new rules for issuers of digital dollars like USDT.
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