Tether Releases Q2 2026 Financial Report: USDT Issuance at $184.6 Billion, Net Operating Profit Approximately $1.5 Billion
Tether released its Q2 2026 financial report, stating that as of June 30, the issuance of USDT was approximately $184.6 billion, an increase of about $446 million from the end of Q1, with its stablecoin market share rising to over 60%. The report was prepared by independent accounting firm BDO.
The company's net operating profit for Q2 was approximately $1.5 billion, primarily from U.S. Treasury bonds and repurchase agreements; total assets at the end of the quarter were approximately $187.751 billion, and total liabilities were about $183.642 billion, with assets exceeding liabilities by approximately $4.111 billion. During the same period, the company reduced its secured loan exposure by about $2.38 billion, a decrease of 15%, and increased its physical gold holdings by 14 tons, bringing the total gold holdings to over 146 tons.
The event-driven optimization of stablecoin reserve structure and user growth has directed funds towards U.S. Treasury bonds and gold, benefiting USDT holders and Tether, while putting pressure on other stablecoin issuers with declining market shares.
Source: Public Information
ABAB AI Insight
Tether has previously disclosed reserve details multiple times through BDO's attestation reports and has continued to increase its holdings in U.S. Treasury bonds, becoming one of the major global buyers, while gradually increasing its allocations in gold and Bitcoin to diversify risk.
This report shows that the company maintains excess reserves amid market volatility, with its capital path continuing to rely on Treasury bond interest as the core profit source, while reducing loan exposure and increasing gold holdings, motivated by the need to strengthen liquidity buffers and address potential redemption pressures.
A similar path of transparency in stablecoin reserves has appeared in Circle's USDC periodic reports and in Tether's earlier audit progress, with the current stablecoin industry undergoing a phase of regulatory compliance and market share concentration.
Essentially, this represents capital concentration: USDT expands its share through continuous issuance and reserve advantages, with a mechanism supported by high liquidity Treasury bond yields, making excess reserves a competitive barrier.
ABAB News · Cognitive Law
Excess reserves are hard assets of trust
Treasury bond yields determine stablecoin profits
Market share concentrates towards the strongest liquidity providers