Tether generated $1.5 billion in net operating profit in the third quarter of 2026, roughly matching its prior quarterly result, while its excess reserves nearly doubled to $7.95 billion. With the latest figures, the stablecoin issuer's net operating profit for the first nine months of the year stands at $4.5 billion.

The numbers were disclosed in a third-quarter reserve attestation published by Tether International, S.A. de C.V., covering the period ending September 30, 2026. Attestations of this kind provide an independent check of reserve holdings at a single point in time, rather than a full audit of a company's books. The attestation, prepared by BDO — a firm Tether identified as a top-five global independent accounting firm — showed total assets of $191.5 billion against $183.5 billion in liabilities.

Treasury Bills and Repos Drive Earnings

According to the September 30 attestation, Tether listed total assets of $191.45 billion and liabilities of $183.496 billion, meaning assets exceeded liabilities by approximately $7.95 billion. Total liabilities stood at approximately $183.5 billion, of which $183.47 billion related to issued digital tokens.

U.S. Treasury bills and reverse repurchase agreements remained the company's main income sources. Reverse repos are short-term agreements in which cash is lent against government securities that the counterparty commits to buying back at a set date, allowing holders to earn yield on reserves while keeping maturities brief. Tether attributed most of its earnings for the quarter, and for the nine-month period, to these instruments. Its direct and indirect holdings of U.S. Treasury bills totaled $132.4 billion.

USDT issuance remained broadly steady at approximately $184 billion throughout the first three quarters of 2026. The token — the largest stablecoin by circulating supply — is designed to maintain a 1:1 value against the U.S. dollar, with issuer revenue flowing mainly from returns on the reserves held behind it. That circulating supply figure stood alongside $191.5 billion in total reserve assets at the end of September, even as the company's reserve position strengthened over the same period.

Excess Reserves Climb From $4.1 Billion

The reserve buffer — the cushion of assets held above the value of tokens outstanding — grew by approximately $3.8 billion during the third quarter, reaching $7.95 billion at the end of September, compared with $4.1 billion at the end of June. In other words, the buffer nearly doubled over three months, widening the margin by which reserves exceed the tokens holders can redeem.

Tether CEO Paolo Ardoino said the company generated $1.5 billion in quarterly profit while maintaining nearly $8 billion in excess reserves. According to Ardoino, Tether aims to maintain liquidity for redemptions during difficult market conditions. He also pointed to the company's financial position amid ongoing geopolitical uncertainty.

The attestation covered the composition of the reserves backing USDT as of September 30, 2026. The report was published on Tether's official website. Tether's next attestation, covering the fourth quarter, will offer the following point-in-time snapshot of those reserves.