Tether reported a net operating profit of $1.5 billion for the second quarter of 2026, according to its latest attestation — a 50 percent increase from Q1. The company's reserves exceeded its liabilities by $4.11 billion at the close of the quarter.
Total USDT supply reached $184.6 billion, the attestation showed, reflecting continued expansion in the on-chain stablecoin market and persistent demand for dollar-pegged digital assets.
Tether added 14 metric tons of gold during the quarter, bringing total physical gold reserves to more than 146 metric tons as part of a diversified asset base backing USDT.
The company generates profit primarily from yield on its reserve assets, which include a significant allocation to U.S. Treasuries and repurchase agreements. The elevated interest rate environment has lifted earnings for stablecoin issuers holding short-term government debt.
Despite regular attestations, some market observers continue to call for a full audit of Tether's reserves, arguing a comprehensive audit would offer more rigorous verification of asset backing than quarterly attestations provide. Tether maintains its current reporting provides sufficient detail.
The regulatory environment for stablecoins remains a key area of focus for issuers like Tether. The GENIUS Act, signed into law in 2025, established a federal framework for payment stablecoin issuers in the United States, mandating specific reserve requirements and audit standards for regulated entities.
USDT facilitates a substantial portion of trading volume across centralized and decentralized exchanges, with large-scale traders using the token for arbitrage and liquidity management across global markets.
Paolo Ardoino, Tether's CEO, has previously emphasized the company's commitment to diversifying its reserve portfolio. The addition of physical gold aligns with that strategy, aiming to reduce concentration risk across asset classes.
