Tether said it generated about $1.5 billion in net operating profit in the second quarter of 2026, driven mainly by returns from U.S. Treasury and repo positions.

The stablecoin issuer's latest attestation, prepared by BDO, lists $187.75 billion in total assets and $183.64 billion in total liabilities as of June 30. Of those liabilities, $183.62 billion were tied to digital tokens issued. That leaves assets exceeding liabilities by about $4.11 billion, the reserve buffer Tether highlighted in its release.

What changed

The Q2 buffer is still positive, but it is materially lower than the $8.23 billion cushion Tether reported at the end of Q1. CoinDesk described the decline as roughly a halving of the excess reserve buffer, while Tether emphasized that USDT remained fully backed at quarter end.

Tether also said USDT issuance ended the quarter near $184.6 billion, about $446 million higher than at the end of Q1. The company said its reserves remain concentrated in short-duration liquid assets, with U.S. government-backed instruments and short-term liquidity facilities forming the core of the reserve mix.

Why it matters

USDT is one of crypto's main settlement assets, so the size and composition of its reserves are market infrastructure questions, not just company earnings details. The conservative read is that Tether stayed profitable and over-collateralized in Q2, while its excess cushion narrowed from the prior quarter.