Overview
- Tether said Friday it earned about $1.5 billion in net operating profit in Q2 2026, driven largely by returns on short‑term U.S. Treasuries and repo operations.
- The company reported USDT circulation of roughly $184.6 billion at quarter end and roughly $187.7 billion in assets versus about $183.6 billion in liabilities, leaving about $4.1 billion in excess reserves.
- During the quarter Tether cut secured lending by about $2.4 billion and increased its physical gold holdings by 14 metric tons to more than 146 tons while holding roughly $5.8 billion in Bitcoin.
- Tether disclosed adding more than 30 million users in Q2 and said BDO verified the reserve figures while work toward a Big Four audit is ongoing.
- The report shows a clear shift toward high‑quality liquid assets to support redemptions which could reduce counterparty risk and shape how regulators and investors judge stablecoin safety going forward.