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Tether has reported $1.5 billion in third-quarter net operating profit while rebuilding its excess reserves to nearly $8 billion, almost twice the cushion it held three months earlier.<\/p>\n
\n Summary<\/span>\n <\/p>\n <\/p>\n Tether\u2019s Oct. 30 announcement<\/a> put total reserve assets at $191.45 billion as of Sep. 30. BDO prepared the accompanying attestation covering the issuer\u2019s financial figures and assets backing its dollar-linked tokens.<\/p>\n The reserve cushion grew even though operating earnings matched the previous quarter and USDT issuance remained broadly steady near $184 billion across the first nine months of 2026.<\/p>\n At the end of June, Tether held $187.75 billion in assets against $183.64 billion in liabilities, leaving $4.11 billion in excess reserves, as crypto.news previously reported in its second-quarter earnings coverage<\/a>.<\/p>\n By September\u2019s close, assets had risen by roughly $3.7 billion while liabilities had edged lower. The resulting $7.95 billion buffer was approximately 94% above June\u2019s level, based on the reported figures.<\/p>\n Calculated against total liabilities, the latest cushion represented around 4.34%, compared with approximately 2.24% three months earlier. Assets therefore stood near $104.34 for every $100 in liabilities at quarter-end.<\/p>\n \u201cOur responsibility is to make sure USD\u20ae remains dependable when people need it most,\u201d Tether CEO Paolo Ardoino said in the announcement.<\/p>\n <\/p>\n Ardoino described liquidity for redemptions and financial resources to support infrastructure as priorities for the company\u2019s reserve strategy.<\/p>\n The accompanying financial report records $183.47 billion in liabilities related to issued digital tokens. Its accounting policies classify those tokens as obligations repayable on demand at their contractual redemption value.<\/p>\n The underlying reserve report<\/a> lists $122.84 billion in directly held U.S. Treasury bills, with a weighted average maturity below 90 days.<\/p>\n Overnight reverse repurchase agreements accounted for $9.52 billion, while term reverse repos totaled $7.18 billion. Including small balances of non-U.S. Treasury bills and bank deposits, the cash, cash-equivalent and short-term deposit category reached $139.58 billion.<\/p>\n Calculated from the report, this category represented approximately 72.9% of total reserves.<\/p>\n Outside those instruments, Tether held $19.08 billion in precious metals, identified as physical gold bars meeting London Bullion Market Association standards. Bitcoin holdings were valued at $8.37 billion using a Sep. 30 price of $83,621.23 per coin.<\/p>\n Gold and Bitcoin together accounted for $27.45 billion, or roughly 14.3% of reserve assets. Earlier coverage of Tether\u2019s reserve asset composition<\/a> recorded a combined $24.64 billion for those categories at June\u2019s close.<\/p>\n The September report values both holdings at fair value, meaning their reported dollar amounts incorporate market prices at the reporting date.<\/p>\n Secured loans totaled $14.18 billion, followed by $6 billion in other investments, $4.18 billion in public equities and $63.9 million in corporate bonds. Tether describes the loans as overcollateralized, with margin calls and liquidation mechanisms designed to maintain collateral coverage.<\/p>\n Treasury bills and reverse repos supplied most of Tether\u2019s operating income during the first nine months, according to the company.<\/p>\n Its separate equity reconciliation records a $1.66 billion financial result for January through September and $519 million in net capital outflows. Opening equity of $6.81 billion consequently became $7.95 billion at September\u2019s end.<\/p>\n The $4.5 billion operating profit announced for the same period is therefore a different measure from the financial result shown in that reconciliation.<\/p>\n\n\n
Tether rebuilds its cushion after Q2 decline<\/h2>\n
Treasury bills dominate reserves alongside gold and Bitcoin<\/h2>\n
Operating profit differs from the reported financial result<\/h2>\n