- Tether reported $1.5 billion in Q3 operating profit, bringing its nine-month net profit to $4.5 billion, according to its latest attestation prepared by BDO.
- The company’s excess reserves nearly doubled to a record $7.95 billion, supported by $132.4 billion in direct and indirect US Treasury bill holdings.
- USDT now has over 700 million users and accounts for roughly 60% of the $297.3 billion stablecoin market, with adoption concentrated in emerging markets.
- Tether completed its first full independent audit by KPMG in August, though the audited statements were not made public, keeping the firm under scrutiny for reserve transparency.
Tether reported $1.5 billion in third-quarter operating profit for 2026, bringing its reserve surplus to a record $7.95 billion, according to its latest attestation prepared by independent accounting firm BDO. The company held $191.5 billion in assets against $183.5 billion in liabilities at the end of September.
Consequently, its assets included $132.4 billion in direct and indirect US Treasury bill holdings, an exposure comparable to South Korea‘s $134.2 billion in US government debt, according to August data from the US Treasury Department. Tether 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.
Tether held $8.37 billion in Bitcoin reserves at the end of September, up from approximately $5.8 billion in June. Meanwhile, USDT accounts for around 60% of the $297.3 billion stablecoin market, according to DefiLlama data.
On Friday, Tether CEO Paolo Ardoino said in a post on X that USDT’s user base had surpassed 700 million, with adoption concentrated in emerging markets. Despite these gains, 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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