Tether Reports $1.5 Billion Q3 Profit as Excess Reserves Reach $7.95 Billion
The stablecoin issuer's surplus reserves nearly doubled to $7.95 billion, supported by $132.4 billion in US Treasury bill exposure.
At a glance
- What happened
- Tether reported a third-quarter operating profit of $1.5 billion as its reserve surplus rose to $7.95 billion, according to a BDO attestation [1].
- Why it matters
- The company's reserve buffer nearly doubled from June levels, backed by $132.4 billion in direct and indirect US Treasury holdings [1].
- Who is affected
- Tether, USDT holders, and market participants across the broader stablecoin sector [1].
- What's next
- No next step announced [1].
- Primary source
- cointelegraph.com: Tether’s excess reserves nearly double to $8B as Q3 profit hits $1.5B
Key points
- Tether generated $1.5 billion in Q3 operating profit and $4.5 billion across the first nine months of 2026 1.
- Surplus reserves expanded to $7.95 billion at the end of September, up from $4.1 billion in June 1.
- Tether held $132.4 billion in direct and indirect US Treasury bills, alongside $8.37 billion in Bitcoin reserves 1.
Stablecoin issuer Tether posted $1.5 billion in third-quarter operating profit as its excess reserves increased to $7.95 billion, according to an attestation report prepared by accounting firm BDO 1. The surplus rose from $4.1 billion recorded at the end of June 1.
At the end of September, Tether held $191.5 billion in total assets against $183.5 billion in liabilities 1. Direct and indirect holdings of US Treasury bills represented $132.4 billion of those assets, an exposure comparable to South Korea's sovereign holdings and surpassing the United Arab Emirates' $116.1 billion, based on August US Treasury data 1. Cumulative net operating profit for the first nine months of 2026 reached $4.5 billion, primarily propelled by returns on US Treasury bills and reverse repurchase agreements 1. In addition, the firm's $BTC reserves were valued at $8.37 billion at the end of September, expanding from roughly $5.8 billion at the close of June 1.
Market Share and Reserve Scrutiny
Tether's $USDT token maintains approximately 60% of the $297.3 billion stablecoin sector, according to DefiLlama figures 1. Tether and other leading issuers have consistently captured substantial portions of sector earnings, as highlighted in previous coverage of Tether and Circle's revenue performance 1. Tether chief executive officer Paolo Ardoino stated on X that USDT's user base exceeded 700 million individuals, driven largely by emerging markets 1.
Tether continues to encounter regulatory and industry examination regarding the composition and clarity of its backing 1. In August, the company completed an initial full independent financial statement audit conducted by KPMG US, though those audited statements remain unpublished 1. At the time of writing, USDT traded at $0.9986 amid a broader market capitalization of $2.60 trillion.
Sources
- [1] Tether’s excess reserves nearly double to $8B as Q3 profit hits $1.5B — cointelegraph.com, October 30, 2026
Written by Basis Desk's newsroom system from the primary sources above and machine-verified against them before publication. Market figures marked "at the time of writing" come from live exchange data. Report an error: corrections@basisdesk.news · corrections policy.
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