Tether reported approximately $1.5 billion in net operating profit for the second quarter of 2026, marking a nearly 50% increase from Q1 2026. The stablecoin issuer disclosed the results on Friday in its latest quarterly attestation, which showed growth in USDT circulation, an expanded reserve surplus, and additional gold purchases during a period when the broader stablecoin market contracted.

As of June 30, Tether held roughly $187.75 billion in assets against approximately $183.64 billion in liabilities, yielding a reserve surplus of about $4.11 billion. USDT in circulation reached approximately $184.6 billion at quarter-end, up about $446 million from the end of March. Although the overall stablecoin market shrank during the quarter, Tether said USDT's market share rose to more than 60%.

The company attributed most of the quarter's operating profit to its investments in short-term U.S. Treasuries, repurchase agreements, and other highly liquid government-backed assets, which continue to make up the bulk of reserves backing USDT. Tether, whose USDT token is the most widely used stablecoin in cryptocurrency trading pairs, decentralized finance protocols, and cross-border transfers, publishes quarterly attestations compiled by an independent accounting firm. These attestations confirm reserve asset totals at a point in time but are not equivalent to a full financial audit.

Tether also reported that it reduced its secured lending exposure by approximately $2.38 billion, or 15%, during the quarter. In addition, the company added 14 metric tons of physical gold, bringing its total gold holdings to more than 146 metric tons. The gold purchases come as central banks worldwide have continued accumulating the metal at record rates, reinforcing its role as a reserve asset alongside sovereign debt.

CEO Paolo Ardoino highlighted the results on X, stating: "Without a doubt, Tether continues to deliver financial inclusion in the developing world like no other company or organization ever has in the history of humanity; we're all incredibly proud of this achievement."

Ardoino contrasted Tether's strategy with what he described as the broader financial industry's focus on soaring AI stock valuations, saying the company is instead investing in technologies that expand access to financial services and artificial intelligence for underserved populations.

"These results show that Tether has the liquidity, discipline and scale to remain resilient across market cycles while continuing to serve hundreds of millions of users around the world," Ardoino said.

The results come amid an evolving regulatory landscape for stablecoins, with jurisdictions in the European Union implementing MiCA stablecoin rules and U.S. lawmakers continuing to debate federal stablecoin legislation that could establish new issuance and reserve requirements.

The full quarterly attestation is available on Tether's official website.