Tether published its third-quarter 2026 attestation on Friday, reporting $1.5 billion in net operating profit and significant growth in its reserve buffer. The company's excess reserves nearly doubled from $4.1 billion at the end of the second quarter to almost $8 billion as of September 30.
Total reserve assets stood at $191.5 billion compared with liabilities of approximately $183.5 billion. The majority of those assets remain concentrated in highly liquid instruments, with $132.4 billion held in direct and indirect US Treasury bills. Treasury bills and reserve repurchase agreements continued to account for the majority of Tether's operating income.
USDT issuance remained broadly stable at around $184 billion through the first nine months of the year. For the first nine months of 2026, Tether generated $4.5 billion in total net operating profit.
CEO Paolo Ardoino commented that the growing buffer was designed to ensure USDT remains reliable during periods of market and financial stress. "Generating $1.5 billion in net operating profit while maintaining nearly $8.0 billion in excess reserves gives us a strong foundation for that work," he said, adding that the company was building liquidity to meet redemptions and financial strength to support infrastructure reliability.
Tether continues to dominate the stablecoin market, though recent supply trends have shown signs of cooling. The company has also recently signed an agreement with Kazakhstan's central bank to explore a tenge-backed stablecoin and potential tokenization initiatives, while investing in payments infrastructure across Latin America.
