- Tether generated approximately $1.5 billion in net operating profit during the second quarter of 2026, driven primarily by U.S. Treasury investments and repo operations.
- USDT’s circulating supply climbed to $184.6 billion, giving the stablecoin more than 60% of the global stablecoin market.
- The company also increased its gold holdings, maintained $4.1 billion in excess reserves, and ended the quarter with approximately $5.8 billion worth of Bitcoin.
Tether reported approximately $1.5 billion in net operating profit during the second quarter of 2026, highlighting continued growth as the world’s largest stablecoin issuer expands both its reserves and user base.
According to the company’s latest BDO attestation, strong returns from its U.S. Treasury portfolio and repurchase agreement (repo) operations remained the primary drivers of profitability.
The results reinforce Tether’s position as the dominant player in the global stablecoin market.
USDT Supply Continues to Grow
During the second quarter, the circulating supply of USDT increased to approximately $184.6 billion by the end of June.
That growth pushed Tether’s market share to more than 60% of the global stablecoin market, further widening its lead over competing dollar-backed stablecoins.
The company also reported total assets of approximately $187.7 billion against $183.6 billion in liabilities, resulting in $4.1 billion of excess reserves.
Treasury Holdings Remain the Core of Reserves
Tether said its reserve portfolio continues to be heavily concentrated in high-quality liquid assets, with U.S. government-backed securities remaining the foundation of its reserve strategy.
The company also reduced its secured lending exposure by approximately $2.4 billion during the quarter, continuing efforts to strengthen the quality and liquidity of its reserves.
Gold and Bitcoin Exposure Expands
Alongside its traditional reserve assets, Tether increased its exposure to alternative stores of value.
The company added 14 metric tons of physical gold, bringing total holdings to more than 146 tons.
It also finished the quarter holding approximately $5.8 billion worth of Bitcoin, noting that its reserve portfolio successfully navigated significant volatility in both the gold and cryptocurrency markets.
User Growth and Audit Progress Continue
Beyond its financial performance, Tether disclosed that it added more than 30 million users worldwide during the second quarter.
The company also said it continues working toward a Big Four audit while expanding its broader technology and financial infrastructure ecosystem.
With growing reserves, increasing profitability, and continued USDT adoption, Tether remains one of the largest and most influential companies operating within the digital asset industry.
