Tether generated approximately $1.5 billion in net operating profit in the second quarter of 2026, according to its latest reserve attestation verified by BDO.

USDT circulation reached about $184.6 billion at the end of the quarter, increasing by roughly $446 million from Q1 and giving the stablecoin issuer more than 60% of the global stablecoin market.

The company reported $187.7 billion in assets compared with $183.4 billion in liabilities, leaving reserves exceeding liabilities by approximately $4.1 billion. Tether said its reserves remain heavily allocated to short-term US Treasuries and other highly liquid government-backed assets to support redemptions under varying market conditions.

During the quarter, Tether cut its secured lending exposure by approximately 15%, or about $2.4 billion, while expanding its physical gold holdings to more than 146 tons after purchasing an additional 14 tons.

CEO Paolo Ardoino said the company’s reserve strategy withstood market volatility across both Bitcoin and gold while maintaining full backing for USDT.

Tether also said its global user base grew by over 30 million users during the quarter and confirmed that work on its Big Four audit remains ongoing.