Tether’s excess reserves nearly double to $8B as Q3 profit hits $1.5B
Tether reports $1.5 billion Q3 profit and nearly doubles excess reserves
Tether, the issuer of the USDT stablecoin, reported $1.5 billion in operating profit for the third quarter of 2026. A stablecoin is a cryptocurrency designed to hold a steady value. The company said its excess reserves nearly doubled to $7.95 billion at the end of September, up from $4.1 billion in June. The figures come from an attestation prepared by independent accounting firm BDO.
Key figures from the report
- Third-quarter operating profit: $1.5 billion
- Excess reserves: $7.95 billion, nearly double the $4.1 billion reported in June
- Total assets: $191.5 billion; total liabilities: $183.5 billion
- US Treasury bill holdings: $132.4 billion
- Bitcoin reserves: $8.37 billion, up from about $5.8 billion in June
- Net operating profit for the first nine months of 2026: $4.5 billion
- USDT user base: reportedly over 700 million, per CEO Paolo Ardoino
What the BDO attestation shows
The attestation by BDO covers Tether’s reserve position as of the end of September. Tether held $191.5 billion in assets against $183.5 billion in liabilities, leaving a reserve surplus of $7.95 billion. The company’s assets included $132.4 billion in direct and indirect US Treasury bill holdings. Tether said its income for the period was largely driven by US Treasury bills and reverse repurchase agreements.
Additional context from market data and company statements
Tether’s US Treasury holdings are comparable to South Korea’s $134.2 billion in US government debt and exceed the United Arab Emirates’ $116.1 billion, according to August data from the US Treasury Department. USDT remains the world’s largest stablecoin, making up around 60% of the $297.3 billion stablecoin market, according to DefiLlama. Tether CEO Paolo Ardoino said in a post on X that USDT’s user base had surpassed 700 million, with adoption concentrated in emerging markets. The company has faced years of scrutiny over reserve transparency. In August, Tether announced it completed its first full independent financial statement audit by KPMG US, though the audited statements were not made public.
What is confirmed
Tether’s third-quarter operating profit was $1.5 billion, and its excess reserves reached $7.95 billion by the end of September. These figures were included in an attestation prepared by independent accounting firm BDO. The company’s Bitcoin reserves were valued at $8.37 billion at the end of September, up from roughly $5.8 billion at the end of June. Tether generated $4.5 billion in net operating profit during the first nine months of 2026.
Why these numbers matter for the stablecoin market
USDT accounts for about 60% of the total stablecoin market, which DefiLlama values at $297.3 billion. Tether’s large holdings of US Treasury bills place its government debt exposure on par with major national holders such as South Korea.
Sources
Newisty Editorial Team covers technology, cryptocurrency, digital products, online platforms, developer tools and the wider digital economy. Our content is researched from official sources, company announcements, public documentation, market data and other primary or reputable sources. Articles are reviewed and edited before publication for clarity, accuracy and useful context.