Overview
- The company’s quarterly attestation, released July 31 and prepared by BDO, shows roughly $1.5 billion in net operating profit for Q2 2026 and USDT circulation of about $184.6 billion.
- Tether reported about $187.75 billion in assets versus $183.64 billion in liabilities, leaving excess reserves of roughly $4.11 billion, down roughly 50% from the Q1 peak of about $8.23 billion.
- Most Q2 earnings came from short‑duration U.S. Treasuries and repurchase agreements, which produced steady income as higher short‑term yields lifted returns.
- During the quarter the company cut secured lending by about $2.38–$2.4 billion and increased holdings of physical gold (added 14 metric tons) and bitcoin, but falling gold and bitcoin prices reduced the market value of those positions.
- Tether said it added more than 30 million users, is pursuing a Big Four audit, is rolling out a US‑focused stablecoin (USAT) on Celo, and is exploring tokenization with the Nairobi Securities Exchange, moves that could broaden use but leave the firm sensitive to U.S. market conditions and asset volatility.