Tether’s Excess Reserves Hit $7.95B as Q3 Profit Tops $1.5B

Tether reported $1.5 billion in operating profit for the third quarter of 2026, while its excess reserves nearly doubled to $7.95 billion. The figures come from the stablecoin issuer’s latest reserve attestation, prepared by independent accounting firm BDO.

At the end of September, Tether held $191.5 billion in assets against liabilities of $183.5 billion. Its reserves included $132.4 billion in direct and indirect US Treasury bill holdings—roughly comparable to South Korea’s $134.2 billion exposure and greater than the United Arab Emirates’ $116.1 billion, according to US Treasury data. Tether generated $4.5 billion in net operating profit over the first nine months of 2026, with income primarily coming from Treasury bills and reverse repurchase agreements.

Tether’s Bitcoin holdings were valued at $8.37 billion at quarter’s end, up from approximately $5.8 billion in June. The company also said USDT’s user base had surpassed 700 million, led by adoption in emerging markets. USDT remains the largest stablecoin, representing about 60% of the $297.3 billion stablecoin market, according to DefiLlama.

The report adds detail to Tether’s ongoing efforts to strengthen reserve transparency. In August, the company completed its first full independent financial statement audit with KPMG US, although the audited statements were not publicly released.