Tether Reports $1.5B Q3 Earnings as Reserve Surplus Soars to $8B

Tether Reports $1.5B Q3 Earnings as Reserve Surplus Soars to $8B

The company behind USDT posted $4.5 billion in operating profit over nine months, holding Bitcoin reserves worth $8.37 billion while total assets climbed to $191.5 billion.

According to the latest attestation figures prepared by independent accounting firm BDO, Tether disclosed a third-quarter operating profit of $1.5 billion while its reserve surplus climbed to nearly twice its previous level, reaching $7.95 billion.

At the close of September, the company maintained $191.5 billion in total assets measured against liabilities of $183.5 billion, resulting in an excess reserve position of $7.95 billion—a figure representing nearly double the $4.1 billion surplus documented in June. The asset portfolio featured $132.4 billion in US Treasury bill holdings, both direct and indirect.

When compared to sovereign holdings, that level of exposure sits just below South Korea's $134.2 billion position in US government debt while surpassing the United Arab Emirates' $116.1 billion stake, based on August figures published by the US Treasury Department.

During the initial nine months of 2026, Tether recorded $4.5 billion in net operating profit, with revenue streams primarily originating from US Treasury bills and reverse repurchase agreements, the company stated. The value of its Bitcoin reserve holdings reached $8.37 billion, representing an increase from the roughly $5.8 billion reported at June's conclusion.

As the dominant stablecoin globally, Tether's USDT commands approximately 60% of the $297.3 billion stablecoin marketplace, based on data from DefiLlama. In an X platform post on Friday, Tether CEO Paolo Ardoino announced that USDT's user base had crossed the 700 million threshold, noting that adoption has been particularly strong in emerging market regions.

Questions regarding reserve transparency have followed the stablecoin issuer for several years. This past August, the company revealed it had completed its inaugural full independent financial statement audit conducted by KPMG US, though the audited financial statements have not been released to the public.