Tether Ltd. reported an operating profit of $1.5 billion [1] for the second quarter of 2026.
The financial results highlight the continued dominance of the USDT stablecoin in the cryptocurrency market and the company's strategy of diversifying its reserve assets into hard commodities.
According to the company's reports for the period between April and June 2026, the total supply of USDT rose to between $184 billion [2] and $184.6 billion [3]. This growth reflects a steady demand for the stablecoin, with $446 million [4] added to the circulation during the quarter.
The profit was primarily driven by earnings on U.S. Treasury holdings and other reserve assets [3, 5]. As part of its reserve management, Tether increased its gold holdings to more than 146 metric tons [1].
Despite the high operating profit, the company's excess reserves fell to $4.11 billion [2]. This decline comes as the issuer continues to scale its operations and manage the volatility of the global digital asset market.
Tether, which is headquartered in the British Virgin Islands [1], maintains its position as the largest issuer of stablecoins globally. The company continues to balance its portfolio between liquid government securities, and physical assets like gold to back the value of USDT.
“Tether Ltd. reported an operating profit of $1.5 billion for the second quarter of 2026.”
The growth in USDT supply and the shift toward gold reserves suggest that Tether is attempting to hedge against systemic risks in traditional financial markets. While the $1.5 billion profit demonstrates strong monetization of its reserves, the dip in excess reserves indicates a tighter margin of safety relative to the total amount of stablecoins in circulation.
