- Tether generated $1.5 billion in Q3 net operating profit, bringing its nine-month earnings to $4.5 billion.
- Excess reserves climbed from $4.1 billion in June to $7.95 billion in September, with total assets reaching $191.5 billion against $183.5 billion in liabilities.
- Tether held $132.4 billion in direct and indirect U.S. Treasury bills, while USDT issuance remained broadly steady at approximately $184 billion.
Tether reported $1.5 billion in net operating profit for Q3 2026, while its excess reserves nearly doubled to $7.95 billion. The company’s September 30 attestation, prepared by BDO, showed $191.5 billion in total assets against $183.5 billion in liabilities. Treasury bills and reverse repurchase agreements remained its main income sources.
Tether Reports $4.5 Billion in Nine-Month Profit
Tether International, S.A. de C.V., published its third-quarter reserve attestation covering the period ending September 30, 2026. The report recorded $1.5 billion in quarterly operating profit, roughly matching the previous quarter.
Meanwhile, net operating profit reached $4.5 billion during the first nine months of 2026. Tether attributed most of its earnings to U.S. Treasury bills and reverse repurchase agreements.
USDT issuance remained broadly steady at approximately $184 billion throughout the first three quarters. This figure stood alongside $191.5 billion in total reserve assets at quarter-end.
Excess Reserves Climb From $4.1 Billion
The reserve buffer increased by approximately $3.8 billion during Q3. It reached $7.95 billion, compared with $4.1 billion at the end of June.
Tether’s direct and indirect U.S. Treasury bill holdings totaled $132.4 billion. The company also reported total liabilities of approximately $183.5 billion. Of that amount, $183.47 billion related to issued digital tokens.
The attestation listed total assets of $191.45 billion and liabilities of $183.496 billion. Consequently, assets exceeded liabilities by approximately $7.95 billion.
Paolo Ardoino Addresses Tether’s Reserve Position
Tether CEO Paolo Ardoino said the company generated $1.5 billion in quarterly profit while maintaining nearly $8 billion in excess reserves. Ardoino said Tether aims to maintain liquidity for redemptions during difficult market conditions.
He also pointed to the company’s financial position amid ongoing geopolitical uncertainty. The report was prepared by BDO, which Tether identified as a top-five global independent accounting firm. It covered the composition of reserves backing USDT as of September 30.
