Overview
- Tether disclosed Friday that it earned roughly $1.5 billion in net operating profit for Q2 2026 and ended June with about $184.6 billion of USDT in circulation, giving the token more than 60% of the stablecoin market.
- The company’s BDO attestation shows total assets of roughly $187.75 billion and liabilities of $183.64 billion, leaving excess reserves of about $4.11 billion compared with roughly $8.23 billion at the end of March.
- During the quarter Tether reduced secured lending by about $2.38–$2.4 billion while adding 14 metric tons of physical gold and roughly 1,796 bitcoin to its holdings.
- Independent reconstructions using Tether’s own line items say fair-value markdowns on gold, bitcoin and other market-sensitive holdings imply about a $4.2 billion comprehensive Q2 hit, a move that explains most of the cushion’s shrinkage.
- Because Tether holds large short-term U.S. Treasuries and now more market-priced assets, its reserve mix can amplify price swings and affect short-term Treasury demand, and regulators and markets will watch its ongoing Big Four audit, product launches like USAT, and tokenization talks with the Nairobi Securities Exchange.