Market
Tether Posts $1.5 Billion Quarterly Profit as USDT Supply Tops $184 Billion
04 Aug 2026, 10:05
8 views
Admin
Tether's Q2 profit hit $1.5 billion as USDT supply grew to $184.6 billion, even as the company pursues its first full independent reserve audit.
Tether reported second-quarter net profit of $1.5 billion, building on a first-quarter profit of $1.04 billion, as the supply of its flagship USDT stablecoin grew to $184.6 billion. The company said reserve assets now exceed liabilities by $4.11 billion, adding to an already substantial buffer that stood at a record $8.23 billion in excess reserves at the end of the first quarter.
Tether's reserve composition has remained relatively stable through the growth: roughly 80% of assets are held in US Treasuries, with the remainder spread across overnight repo agreements, cash, approximately $8 billion in gold, around $7 billion in Bitcoin, and a smaller allocation to secured loans and other investments. USDT's total circulating supply of roughly $189.5 billion as of the first quarter kept it the dominant stablecoin globally, commanding more than 60% of the overall stablecoin market even as total stablecoin market capitalization has fluctuated.
The company has also been working to shore up its compliance credentials as US regulation tightens. On March 24, Tether confirmed it had formally engaged a Big Four accounting firm to conduct its first full independent financial statement audit of USDT reserves, a meaningful shift away from the periodic attestations the company has relied on for years and a step widely seen as a response to growing regulatory pressure following the GENIUS Act's passage. Separately, Tether released its first reserve report for USAT, its newer, US-focused stablecoin, reviewed by Deloitte and showing $17.6 million in reserve assets backing 17.5 million tokens in circulation.
Together, the profit figures and the audit commitment paint a picture of a company using a highly profitable moment to invest in the kind of transparency infrastructure that US regulators, and increasingly institutional counterparties, have been demanding as a condition of doing business at scale.
The scale of Tether's profitability has repeatedly drawn comparisons to major traditional financial institutions, a comparison company executives have leaned into as they argue USDT's dominant market position justifies continued confidence even as regulatory scrutiny of stablecoins intensifies industry-wide.
Tether's reserve composition has remained relatively stable through the growth: roughly 80% of assets are held in US Treasuries, with the remainder spread across overnight repo agreements, cash, approximately $8 billion in gold, around $7 billion in Bitcoin, and a smaller allocation to secured loans and other investments. USDT's total circulating supply of roughly $189.5 billion as of the first quarter kept it the dominant stablecoin globally, commanding more than 60% of the overall stablecoin market even as total stablecoin market capitalization has fluctuated.
The company has also been working to shore up its compliance credentials as US regulation tightens. On March 24, Tether confirmed it had formally engaged a Big Four accounting firm to conduct its first full independent financial statement audit of USDT reserves, a meaningful shift away from the periodic attestations the company has relied on for years and a step widely seen as a response to growing regulatory pressure following the GENIUS Act's passage. Separately, Tether released its first reserve report for USAT, its newer, US-focused stablecoin, reviewed by Deloitte and showing $17.6 million in reserve assets backing 17.5 million tokens in circulation.
Together, the profit figures and the audit commitment paint a picture of a company using a highly profitable moment to invest in the kind of transparency infrastructure that US regulators, and increasingly institutional counterparties, have been demanding as a condition of doing business at scale.
The scale of Tether's profitability has repeatedly drawn comparisons to major traditional financial institutions, a comparison company executives have leaned into as they argue USDT's dominant market position justifies continued confidence even as regulatory scrutiny of stablecoins intensifies industry-wide.