Tether reported $1.5 billion in net operating profit for Q2 2026, driven primarily by returns from its U.S. Treasury and repurchase agreement (repo) portfolio. During the quarter, the company expanded its gold and Bitcoin reserves while maintaining a $4.11 billion reserve buffer above its liabilities.
The issuer of the world's largest stablecoin increased its physical gold holdings by 14 metric tons, bringing total bullion reserves to more than 146 metric tons, valued at approximately $18.8 billion. It also expanded its Bitcoin holdings to 98,933 BTC while reducing secured lending exposure by about 15% as part of its strategy to strengthen reserve liquidity.
USDT circulation reached $184.6 billion by the end of June 2026, despite a broader contraction across the stablecoin market. According to the company, this increased Tether's market share to over 60%. Tether reported total assets of $187.75 billion against liabilities of $183.64 billion, leaving $4.11 billion in excess reserves to further support USDT. The latest results continue a strong earnings streak for the company. After generating an estimated $13.7 billion in profit during 2025, Tether has maintained solid profitability throughout 2026, supported by interest income from its Treasury portfolio and a diversified reserve strategy.
Commenting on the results, CEO Paolo Ardoino said the second quarter demonstrated the resilience of Tether's reserve strategy during periods of heightened volatility in both the gold and Bitcoin markets, while emphasizing that the company remains fully backed and continues to rank among the world's largest buyers of U.S. Treasuries. He also noted that Tether's global user base grew by more than 30 million users during the period.
The results reinforce Tether's dominant position in the global stablecoin market. With growing USDT circulation, expanding gold and Bitcoin reserves, and a substantial reserve buffer, the company continues to strengthen its financial position while benefiting from rising institutional demand for dollar-backed digital assets.
