Tether reported a strong second quarter in 2026, generating around $1.5 billion in net operating profit as its stablecoin USDT circulation grew to roughly $184.6 billion. The company now commands over 60% of the global stablecoin market, edging up its circulation by $446 million since the first quarter.
Assets at Tether climbed to $187.7 billion against $183.4 billion in liabilities, leaving an excess reserve of approximately $4.1 billion. The bulk of its reserves remain invested in short-term US Treasuries and other liquid government-backed instruments. This conservative allocation aims to ensure smooth redemptions, even amid volatile market conditions.
During the quarter, Tether reduced its exposure to secured lending by about $2.4 billion, a 15% cut, while expanding its physical gold holdings by 14 tons to surpass 146 tons in total. CEO Paolo Ardoino highlighted that the diversified reserve strategy successfully withstood swings in Bitcoin and gold prices without compromising full backing for USDT.
The company also saw its global user base surge by over 30 million in just three months and continues progressing with its Big Four audit a move signaling greater transparency.
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