Tether Earns $1.5B in the Quarter and Doubles Its Reserve Buffer

According to BDO’s attestation as of September 30, Tether holds $191.45B in assets against $183.5B in liabilities, almost all of them issued tokens. Excess reserves rise to $7.95B, up from $4.1B at the end of June. USDT circulation stands at around $184B and exposure to US Treasury bills amounts to $132.4B. Net operating profit: $1.5B in the quarter and $4.5B over nine months

Tether generates $1.5 billion in net operating profit in the third quarter, while its reserve buffer doubles to nearly $8 billion.

Tether International, SA de CV, today released its attestation for the third quarter of 2026, prepared by BDO, one of the world’s five leading independent audit firms. The report covers the company’s financial figures and reserves report as of September 30, 2026, including the composition of the reserves backing USD₮.

USD₮ issuance remained virtually stable at $184 billion during the first three quarters of 2026, despite market volatility. Over the same period, Tether generated $4.5 billion in net operating profit, including $1.5 billion in the third quarter, in line with the previous quarter. US Treasury bonds and reverse repurchase agreements continued to generate the bulk of this income.

Tether’s reserves continue to strengthen, nearly doubling to $7.95 billion from the $4.1 billion recorded at the close of the second quarter, an increase of $3.8 billion. Total reserve assets at the end of the quarter amounted to $191.5 billion, mostly invested in short-term liquid instruments to support redemptions under various market conditions. Direct and indirect holdings of US Treasury bills total $132.4 billion.

The Company’s Management states the following as of September 30, 2026:

• The Company’s total assets amount to US$191,451,091,374.
• The Company’s total liabilities amount to US$183,496,460,904, of which US$183,469,787,261 relate to digital tokens issued.
• The Company’s assets exceed its liabilities by US$7,954,630,470.

“Our responsibility is to ensure that USD₮ remains reliable when people need it most, even when markets and financial systems come under pressure,” said Paolo Ardoino, CEO of Tether . “Generating $1.5 billion in net operating profit while maintaining nearly $8 billion in excess reserves gives us a solid foundation for this work. We are building Tether for the long term, with the liquidity needed to meet redemptions and the financial strength to support infrastructure people can trust amid the chaotic geopolitical environment we live in. The goal of our reserve strategy is to ensure that we can keep serving people when conditions get tough.”