Tether released its Q2 2026 attestation on June 30, reporting $1.5 billion in net operating profit alongside record USDT circulation and expanded reserves. BDO prepared the quarterly attestation, confirming the company's financial figures and reserve report.

CEO Paolo Ardoino said USDT users surpassed 650 million as adoption continued across emerging markets during the quarter.

Reserves Expand as USDT Supply Grows

USDT issuance reached approximately $184.6 billion by the end of the second quarter, roughly $446 million above the previous quarter — even as the broader stablecoin market contracted. Tether said USDT represented more than 60% of the stablecoin market during the period. The growth contrasted with rivals such as Circle's USDC, whose supply declined earlier in the year, underscoring USDT's deepening dominance in cross-border payments and trading liquidity.

The company reported total assets of $187.75 billion against total liabilities of $183.64 billion. Digital tokens issued accounted for approximately $183.62 billion of those liabilities, leaving assets exceeding liabilities by about $4.11 billion at the end of June.

Treasury Holdings Drive Quarterly Earnings

Tether said short-duration, high-quality liquid assets remained the core of its reserves, with U.S. Treasury holdings and repo operations generating most of the quarter's $1.5 billion operating profit. Those earnings mirror the yield-driven revenue model shared by major stablecoin issuers, where returns on reserve assets — rather than fees — constitute the primary income source.

The company reduced secured lending exposure by approximately $2.38 billion, a 15% decline. Tether also increased its physical gold holdings by 14 tons, bringing total holdings above 146 tons.

Ardoino noted that reserve assets faced significant market volatility during the quarter but emphasized that USDT remained fully backed, with reserves continuing to exceed liabilities throughout the period. Tether's reserve attestations, conducted quarterly by BDO, have long been a focal point for critics who have called for a full audit; the company said its Big Four audit process remained ongoing.

User Base Climbs Above 650 Million

Ardoino said Tether's global user base exceeded 650 million, driven by strong growth across emerging markets. More than 30 million users joined the network during the quarter. USDT has become a widely used dollar substitute in regions with volatile local currencies and limited banking access, particularly across Latin America, Southeast Asia, and parts of Africa.

Tether stated it remained among the world's largest buyers and holders of U.S. Treasuries, a position that places its holdings ahead of many sovereign nations. The company also said the Big Four audit process continued alongside development of its broader financial and technology infrastructure.

Tether added that its reserve structure remained focused on supporting redemptions under various market conditions while maintaining short-term liquidity.