TLDR
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Tether earned $1.5 billion as Treasury income strengthened its Q2 results overall.
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USDT supply climbed to $184.6 billion despite wider crypto market weakness.
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Tether closed Q2 with assets exceeding total liabilities by $4.11 billion overall.
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The stablecoin issuer reduced secured lending exposure by about $2.38 billion.
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USDT retained more than 60% of the global stablecoin market throughout the quarter.
Tether reported a $1.5 billion second-quarter operating profit as USDT supply reached $184.6 billion. Strong Treasury income supported earnings while the wider crypto market remained under pressure. The company also maintained a $4.11 billion reserve surplus at quarter-end.
USDT Supply Expands During Market Weakness
USDT issuance rose by about $446 million between March and June 2026. The increase lifted outstanding tokens to nearly $184.6 billion despite a smaller crypto market. Therefore, USDT strengthened its position within the global stablecoin sector.
The token held more than 60% of the stablecoin market during the quarter. Meanwhile, the wider stablecoin sector carried an estimated value near $307 billion. The result showed continued demand for dollar-linked liquidity across trading and payment networks.
Tether added more than 30 million users during the reporting period. That growth supported USDT use among businesses, exchanges, and individuals across several regions. The company continued positioning the token as a settlement and savings tool in developing markets with limited banking access.
Treasury Portfolio Drives Quarterly Earnings
Tether generated most quarterly earnings from United States Treasury securities and repurchase agreements. These short-term assets produced steady income under elevated interest rates. Consequently, the reserve portfolio delivered $1.5 billion in net operating profit.
The company kept most reserves in government-backed instruments and short-term liquidity facilities. This structure gave Tether enough liquid assets to process redemptions during volatile conditions. It also reduced reliance on higher-risk holdings across the reserve portfolio.
Tether remained among the world’s largest holders and buyers of United States Treasuries. Its Treasury exposure continued supporting revenue while protecting reserve liquidity across several redemption scenarios. Higher yields on short-dated debt strengthened earnings without increasing token issuance risks.
Reserve Buffer Supports Broader Expansion
Tether reported total assets of $187.75 billion as of June 30, 2026. Total liabilities reached $183.64 billion, including $183.62 billion linked to issued tokens. Therefore, assets exceeded liabilities by approximately $4.11 billion.
The company reduced secured lending exposure by about $2.38 billion during the quarter. That decline represented a 15% reduction from the previous reporting period. Tether also added 14 tons of physical gold while managing sharp market swings.
BDO confirmed the reserve figures through its quarterly attestation dated June 30. Meanwhile, Tether continued work toward a Big Four audit and broader financial infrastructure. The company has expanded into payments, data, energy, and technology while USDT remains its main product.
