Tether Q2 Financials Soar: Record Profits and Robust Reserves

An independent audit report by BDO reveals Tether's exceptional performance in Q2 2026. The company reported a net operating profit of approximately $1.5 billion, primarily driven by its holdings of U.S. Treasury securities and reverse repurchase agreements.

Solid Financial Foundation: Reserves Substantially Exceed Liabilities

As of June 30, Tether's total assets stood at roughly $187.75 billion against total liabilities of about $183.64 billion. This results in excess reserves of approximately $4.11 billion over the liabilities associated with its issued digital tokens, providing a strong financial cushion for USDT's stability.

Unshakable Market Dominance: USDT Circulation and Share Grow

During the quarter, the circulation of USDT increased to around $184.6 billion, up by about $446 million from the end of Q1. Its market share in the stablecoin sector surpassed 60%, while its global user base expanded by more than 30 million, solidifying its leading position.

Strategic Asset Optimization: Reducing Risk and Accumulating Hard Assets

Tether demonstrated prudent asset management:

  • Reduced Risk Exposure
  • Increased Gold Holdings: The company added 14 metric tons of physical gold, bringing its total gold holdings to over 146 metric tons, strengthening the portfolio's inflation hedge and safe-haven characteristics.

Tether reaffirmed its status as one of the world's largest holders of U.S. Treasury securities.

Management Perspective: Full Backing and Audit Progress

CEO Paolo Ardoino commented that USDT remains fully backed by reserves despite significant volatility in gold and Bitcoin markets. He also noted the company's ongoing efforts to advance the audit process with a Big Four accounting firm, aiming to enhance transparency and trust.