Tether, the issuer of the world's largest stablecoin, reported a net operating profit of $1.5 billion for the second quarter of 2026. The earnings were primarily driven by returns on its U.S. Treasury and repurchase agreement portfolio, according to the company's latest attestation report. Those holdings place Tether among the largest non-sovereign buyers of U.S. government debt, a position that ties the company's profitability closely to prevailing interest rates.

As of the end of June 2026, Tether's total assets stood at $187.75 billion against liabilities of $183.64 billion, yielding excess reserves of $4.11 billion.

USDT circulation rose to $184.6 billion during the quarter, even as the broader stablecoin market experienced a contraction. This lifted Tether's market share above 60%, widening its lead over competitors such as Circle's USDC and further consolidating USDT's dominance in emerging-market cross-border payments and dollar access.

On the reserves front, Tether added 14 metric tons of physical gold during the quarter, bringing its total bullion holdings to more than 146 metric tons, valued at approximately $18.8 billion. The company noted that this milestone places it among the largest holders of gold globally. Tether also increased its Bitcoin reserves to 98,933 BTC. Concurrently, it reduced its secured lending exposure by approximately 15% as part of an ongoing effort to shift reserves toward more liquid assets—a move that aligns with longstanding regulatory scrutiny over stablecoin reserve transparency and redemption readiness.

The Q2 results build on a sustained period of strong earnings. Tether generated an estimated $13.7 billion in profit during 2025, buoyed by elevated interest income from its Treasury holdings. The company has continued to post robust quarterly performance throughout 2026 despite increased market volatility, having reported strong profitability in the first quarter as well.

Tether CEO Paolo Ardoino said the second quarter demonstrated the resilience of the company's reserve strategy during periods of heightened volatility in gold and Bitcoin markets. He emphasized that Tether remained "fully backed" while continuing to rank among the world's largest buyers of U.S. Treasuries.

"At the same time, our global user base continued to grow by more than 30 million users," Ardoino said. "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."