Tether reported $1.5 billion in net operating profit for the second quarter, a nearly 50% increase against Q1 2026, as the stablecoin issuer increased USDT in circulation, expanded its reserve surplus to more than $4 billion, and added to its gold holdings despite a weaker stablecoin market.

The company reported the results Friday in its latest quarterly attestation. Tether said that as of June 30 it held about $187.75 billion in assets against approximately $183.64 billion in liabilities, leaving a reserve surplus of roughly $4.11 billion.



“Without a doubt, Tether continues to deliver financial inclusion in the developing world like no other company or organization ever has in the history of humanity; we're all incredibly proud of this achievement,” CEO Paolo Ardoino wrote on X.

According to the report, USDT in circulation reached approximately $184.6 billion at the end of the quarter, up about $446 million from the end of March. Although the overall stablecoin market shrank during the quarter, Tether said USDT's market share increased to more than 60%.

The company said most of the assets backing USDT remain invested in short-term U.S. Treasuries, repurchase agreements, and other highly liquid government-backed assets. Those investments generated most of the quarter's operating profit, according to Tether.

Tether also said it reduced its secured lending exposure by approximately $2.38 billion, or 15%, during the quarter.

According to Tether, the company added 14 metric tons of physical gold, increasing its holdings to more than 146 metric tons.

Ardoino contrasted Tether's strategy with what he described as the financial industry's focus on soaring AI stock valuations, saying the company is instead investing in technologies that expand access to financial services and artificial intelligence for underserved populations.

“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 said.

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