- Tether has published its financial results for the second quarter.
- The company reported $1.5 billion in profit and a reserve buffer of more than $4 billion.
- It continues to buy up US Treasuries and gold.
Tether International has published its reserves report and financial figures for the second quarter of 2026, verified by audit firm BDO. The issuer of the USDT stablecoin reported $1.5 billion in net operating profit, a $4.11 billion reserve buffer above liabilities, and an increase in its physical gold holdings to more than 146 tonnes.
In addition, USDT in circulation rose to $184.6 billion. The company noted that the growth came despite a decline in the overall stablecoin market capitalization, pushing USDT’s share above 60%.
According to Tether, the company’s total assets stood at $187.75 billion, while liabilities were $183.64 billion, of which $183.62 billion was attributable to issued tokens.
As a result, assets exceeded liabilities by $4.11 billion, which the company calls an additional reserve buffer.
As before, the reserves are primarily made up of highly liquid assets. In addition, the company’s reserves include:
- Precious metals — $18.84 billion
- Bitcoin — $5.8 billion
- Public equities — $3.76 billion
- Other investments — $5.24 billion
- Secured loans — $13.45 billion
At the same time, Tether said it reduced its secured lending portfolio by about $2.38 billion, or 15%, over the quarter.
Profit Was Driven by US Treasuries, Repo, and Gold
The company’s net operating profit in the second quarter came to about $1.5 billion. Tether noted that the main sources of income were its US Treasury portfolio and repo operations.
CEO Paolo Ardoino emphasized that the reserve strategy was stress-tested during significant volatility in the gold and bitcoin markets.
“Q2 demonstrated the strength of Tether’s reserve strategy under real market pressure. The assets that back some of Tether’s reserves were tested directly during the quarter. Through all of the volatility, USD₮ remained fully backed with our reserves still exceeding liabilities by $4.11 billion,” he said.
Ardoino also noted that the company remained one of the largest buyers of US Treasuries.
According to him, the company’s global user base also continued to grow.
“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,” Ardoino added.
Gold Reserves Exceeded 146 Tons
The company reported that during the second quarter it purchased 14 tons of physical gold, bringing total gold reserves to more than 146 tons.
The report was released after a record surge in gold prices pushed the market capitalization of the Tether Gold (XAUT) stablecoin above $3 billion. At the time, the company reported a significant increase in demand for tokenized gold amid global macroeconomic uncertainty.
The new quarterly report was also published a few months after Tether reported net profit of $1.04 billion for the first quarter. At the time, the company’s excess reserves reached a record $8.23 billion, and its holdings of US Treasuries totaled $141 billion.
In addition, the company recently announced it would wind down the Alloy by Tether platform and discontinue support for the aUSDT stablecoin, saying it intends to focus on developing Tether Gold and other key products.
At the same time, Tether continues working to adapt its business to new regulatory requirements. After US President Donald Trump signed the GENIUS Act, the company has until July 18, 2028, to bring USDT into compliance with the provisions of the new stablecoin legislation.
Сообщение Tether Revealed Structure of USDT’s Backing and Increased Its Gold Reserves: Q2 Recap появились сначала на INCRYPTED.