Key Takeaways
- Tether reported $1.5B in Q2 profit as USDT cap reached $184.6B, capturing 60% of the stablecoin market.
- Tether backed USDT with $115B in Treasuries and $18.8B in gold, building $4.11B in excess reserves.
- Tether hired KPMG for its first third-party audit, driving transparency after adding 30 million users.
Tether Releases Q2 Attestation, Reports $1.5 Billion Operating Profit
Tether, the largest cryptocurrency financial services company, has released stellar results for Q2 2026.
In an attestation signed by BDO Advisory Services, which examined Tether’s numbers as of June 30, the company reported a net operating profit of $1.5 billion in Q2 2026, with increased issuance and growing adoption levels.
According to the report, USDT’s market capitalization grew by $446 million compared to Q1, reaching $184.6 billion and controlling 60% of the stablecoin sector even as the overall cryptocurrency market valuation shrank. Furthermore, Tether maintains its position as one of the largest private holders of U.S. Treasuries, hoarding close to $115 billion in these instruments.
The second source of collateral for Tether’s stablecoin issuance is gold, with the attestation certifying holdings valued at $18.83 billion as the company added 14 tons of gold during Q2.
Tether’s bitcoin holdings grew to over 98,932 BTC worth $5.8 billion at June 30’s $58,642.15 per coin prices.
Assets backing USDT exceed the company’s liabilities by $4.11 billion, underscoring Tether’s resilience during unfavorable market conditions.
Tether CEO Paolo Ardoino remarked on the company’s ability to navigate these conditions while maintaining profitability and operability. “Q2 demonstrated the strength of Tether’s reserve strategy under real market pressure,” he said, stressing that the assets that back some of its reserves “were tested directly.”
Ardoino pointed out that USDT’s user base grew by more than 30 million users, underscoring the popularity of Tether’s key stablecoin business in global markets.
“These results show that Tether has the liquidity, discipline, and scale to remain resilient across market cycles while continuing to serve hundreds of millions of users around the world,” he concluded.
While Tether has been releasing quarterly attestations since its launch, the company is taking action to release its first third-party audit, having hired Big Four firm KPMG to be part of its transparency pivot.
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