Tether q2 2026 profit hits $1.5 billion as USDT supply grows
Tether said Q2 profit rose to $1.5 billion, with USDT supply at $184.6 billion and gold holdings above 146 metric tons.
By Dev Ramirez · Crypto Correspondent
· 3 min read
Tether q2 2026 profit reached about $1.5 billion, the company said Friday, giving crypto investors a fresh look at the finances behind the world’s largest stablecoin issuer. The update matters because USDT is a core trading and payments rail in crypto, and Tether says its dollar-linked token kept growing even as the broader stablecoin market contracted.
A stablecoin is a crypto token designed to hold a steady value, usually by tracking the U.S. dollar. Tether’s USDT is meant to trade near $1, and the company says it backs the token with reserves including cash-like assets, government securities and other holdings.
In its latest quarterly attestation, Tether said it held about $187.75 billion in assets as of June 30, compared with roughly $183.64 billion in liabilities. That left a reserve surplus of about $4.11 billion, according to the company. An attestation is a review that reports on financial balances at a point in time, rather than a full audit of a company’s books.
How did Tether make its Q2 profit?
Tether said most of the assets backing USDT are still held in short-term U.S. Treasuries, repurchase agreements and other liquid government-backed assets. Those investments produced most of the company’s operating profit for the quarter, according to Tether.
Short-term Treasuries are U.S. government debt that matures quickly and pays interest. Repurchase agreements, often called repos, are short-term financing trades where one party sells securities and agrees to buy them back later. For a stablecoin issuer, those instruments can generate income while keeping reserves in assets that are relatively easy to convert to cash.
The $1.5 billion profit was nearly 50% higher than Tether’s first-quarter 2026 result, according to the company. Tether also said USDT in circulation was about $184.6 billion at the end of the quarter, up roughly $446 million from the end of March.
The company said USDT’s share of the stablecoin market rose above 60% during the period, even though the overall stablecoin market became smaller. Tether did not frame that as a broader market forecast.
Tether adds gold and cuts secured lending exposure
Tether said it added 14 metric tons of physical gold during the quarter, taking its total gold holdings to more than 146 metric tons. Gold is one of several reserve categories the company reports alongside its dollar-linked assets.
The company also said it reduced secured lending exposure by about $2.38 billion, or 15%, during the quarter. Secured lending refers to loans backed by collateral, meaning the borrower pledges assets that can be claimed if the loan is not repaid.
CEO Paolo Ardoino highlighted the results on X, saying Tether was proud of its role in expanding financial access in developing markets. In the company’s announcement, Ardoino said the quarter showed Tether has the “liquidity, discipline and scale” to stay resilient across market cycles while serving users worldwide.
Ardoino also contrasted Tether’s strategy with what he described as the financial industry’s attention on elevated AI stock valuations. He said Tether is putting money into technologies aimed at broadening access to financial services and artificial intelligence for underserved populations.
This story draws on original reporting from Decrypt.
