Tether Posts $1.5B Q2 Profit Amid USDT Growth, Gold Buys

Tether Reports Strong Second Quarter Profit Amid Market Headwinds

Tether, the issuer of the USDT stablecoin, announced a net operating profit of $1.5 billion for the second quarter, marking a nearly 50% increase from the first quarter of 2026. The company achieved this growth by expanding USDT in circulation, increasing its reserve surplus to over $4 billion, and bolstering its gold holdings, even as the broader stablecoin market experienced a downturn.

The financial results were detailed in Tether’s latest quarterly attestation, released Friday. As of June 30, the company reported holding approximately $187.75 billion in assets against roughly $183.64 billion in liabilities, resulting in a reserve surplus of approximately $4.11 billion.

“Without a doubt, Tether continues to deliver financial inclusion in the developing world like no other company or organization ever has in the history of humanity; we’re all incredibly proud of this achievement,” CEO Paolo Ardoino stated on the social media platform X.

The report indicated that USDT in circulation reached approximately $184.6 billion by the end of the quarter, an increase of about $446 million from the close of March. Despite a contraction in the overall stablecoin market during the quarter, Tether reported that USDT’s market share grew to exceed 60%.

Tether stated that the majority of assets backing USDT are invested in short-term U.S. Treasuries, repurchase agreements, and other highly liquid government-backed instruments. These investments were the primary drivers of the quarter’s operating profit, according to the company.

Furthermore, Tether announced a reduction in its secured lending exposure by approximately $2.38 billion, or 15%, during the quarter.

The company also expanded its physical gold holdings, adding 14 metric tons to bring its total reserves to over 146 metric tons.

Ardoino drew a contrast between Tether’s strategic focus and what he characterized as the traditional financial industry’s preoccupation with soaring AI stock valuations. He emphasized Tether’s commitment to investing in technologies that enhance access to financial services and artificial intelligence for underserved populations.

“These results show that Tether has the liquidity, discipline and scale to remain resilient across market cycles while continuing to serve hundreds of millions of users around the world,” Ardoino added.