Tether Posts $1.5B Q3 Profit As Excess Reserves Nearly Double To $8B

• Tether reported $1.5B in Q3 operating profit, bringing its nine-month total to $4.5B, attested by BDO
• Excess reserves nearly doubled from $4.1B in June to $7.95B by end of September
• Tether holds $132.4B in US Treasuries, surpassing the UAE & approaching South Korea in US government debt
• USDT controls 60% of the $297.3B stablecoin market, with the user base surpassing 700 million

Tether, the issuer of the world’s largest stablecoin USDT, reported a $1.5 billion operating profit for the third quarter of 2026, bringing its nine-month net operating profit to $4.5 billion, according to figures released alongside an attestation prepared by accounting firm BDO.

Tether Generates $1.5 Billion in Q3 Net Operating Profit as Reserve Buffer Doubles to Almost $8 Billion
Learn more: https://t.co/VKJmdLSrDn

— Tether (@tether) October 30, 2026

Reserves Nearly Double In One Quarter

The company’s excess reserves, representing the buffer above its liabilities, nearly doubled in a single quarter, rising from $4.1 billion in June to $7.95 billion by end of September. Total assets stood at $191.5 billion against $183.5 billion in liabilities, reflecting the scale of the USDT supply in global circulation.

Bigger US Treasury Holder Than Most Nations

Tether’s direct and indirect U.S. Treasury bill holdings reached $132.4 billion, placing it ahead of the UAE ($116.1 billion) and within range of South Korea ($134.2 billion) in exposure to U.S. government debt. The bulk of quarterly earnings came from T-bill yields and reverse repurchase agreements, with no significant reliance on volatile crypto assets for income.

Bitcoin Reserves & Market Dominance

The company’s Bitcoin reserves increased to $8.37 billion by end of September, up from $5.8 billion in June. USDT commands approximately 60% of the $297.3 billion global stablecoin market. CEO Paolo Ardoino confirmed the USDT user base has crossed 700 million. While Tether completed its first full independent financial audit with KPMG US in August, the audited statements were not released publicly.

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