Tether prints $1.5B profit in Q2 while cutting risk and stacking gold

Strong Quarter Backed by Treasuries and a Leaner Balance Sheet

@tether posted roughly $1.5 billion in net operating profit for the second quarter of 2026, according to its BDO-prepared attestation covering the period through June 30. The result was driven primarily by its US Treasury and repo book, continuing a run of strong quarterly earnings that included approximately $1.04 billion in net profit during the first quarter.

Reserves exceeded liabilities by $4.11 billion at the close of the quarter, while $USDT issuance grew by around $446 million to reach $184.6 billion. That growth came even as conditions across the broader stablecoin market tightened, pushing Tether's share of the total stablecoin market to around 59 percent in 2026. The company says its user base expanded by more than 30 million during the quarter.

On the balance sheet, Tether trimmed its secured lending book by $2.38 billion, a move that signals a deliberate shift toward lower-risk assets. According to Tether's quarterly attestations from BDO, reserves are dominated by US Treasury bills, with smaller allocations to secured loans, Bitcoin, gold, and other investments. The reduction in secured lending accelerates a trend that has been underway since 2022, when that exposure was considerably higher.

Gold Added, Treasury Position Maintained

Tether added 14 tons of physical gold during Q2, deepening a reserve diversification strategy that sits alongside its core government debt holdings. As of March 31, 2026, direct and indirect exposure to US Treasury bills stood at approximately $141 billion, a position that places Tether among the 17th largest holders of US Treasuries globally.

CEO Paolo Ardoino (@paoloardoino) described the quarter as a stress test that the company passed, with reserves holding up through sharp volatility in both gold and Bitcoin prices. He noted that Tether remained one of the largest buyers of US government debt throughout the period.

The quarterly attestations are point-in-time snapshots rather than full audits. An attestation confirms a specific assertion on a specific date, while an audit examines underlying systems and controls across a period. Tether has stated its intent to pursue a full audit and has engaged multiple firms over the years, with a Big Four engagement still pending as of early 2026.

Sources:
Tether Q1 2026 Attestation Report, Tether.io
Tether Reports $1B+ Profit for Q1 2026, Crowdfund Insider
Stablecoin Market Cap in 2026, Transak