Tether’s excess reserves nearly double to $8B as Q3 profit hits $1.5B
Tether reported $1.5 billion in third-quarter operating profit as its excess reserves nearly doubled to $7.95 billion, according to figures released alongside its latest attestation.
The company held $191.5 billion in assets against $183.5 billion in liabilities at the end of September, leaving a reserve surplus of $7.95 billion, nearly double the $4.1 billion reported in June. Its assets included $132.4 billion in direct and indirect US Treasury bill holdings.
Global Treasury exposure
That exposure is comparable to South Korea's $134.2 billion in US government debt and exceeds the United Arab Emirates' $116.1 billion, according to August data from the US Treasury Department.
Year performance and user growth
Tether also generated $4.5 billion in net operating profit during the first nine months of 2026, with income largely driven by US Treasury bills and reverse repurchase agreements. Its Bitcoin reserves were valued at $8.37 billion, up from approximately $5.8 billion at the end of June.
USDT's user base had surpassed 700 million, with adoption concentrated in emerging markets.
Market position and transparency
Tether's USDT remains the world's largest stablecoin, accounting for around 60% of the $297.3 billion stablecoin market. The stablecoin issuer has faced years of scrutiny over its reserve transparency.
In August, the company announced the completion of its first full independent financial statement audit by KPMG US, although the audited statements were not made public.
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