Tether, the world’s largest stablecoin issuer, reported about $1.5 billion in net operating profit for the second quarter of 2026 and expanded its physical gold holdings to more than 146 tonnes, according to an attestation by accounting firm BDO published Friday.
USDT issuance reached roughly $184.6 billion at the end of June, up about $446 million from the first quarter even as the broader digital-asset market capitalization declined. Tether said USDT’s share of the stablecoin market climbed above 60%, extending its dominance as the industry’s standard digital dollar.
The company added 14 tonnes of gold during the quarter, lifting its bullion stockpile past 146 tonnes worth about $18.8 billion. The purchases came as gold prices dipped during the Iran war, and they make Tether one of the largest corporate holders of physical gold outside central banks.
Tether’s reserves exceeded liabilities by roughly $4.11 billion at quarter-end, about half the buffer reported at the close of the first quarter. The company also cut its secured lending exposure by approximately $2.38 billion, or 15%, and said it remained one of the world’s largest buyers of US Treasuries, with most reserves held in short-duration government paper and liquidity facilities.
“Q2 demonstrated the strength of Tether’s reserve strategy under real market pressure,” CEO Paolo Ardoino said in a statement. “Through all of the volatility, USDT remained fully backed with our reserves still exceeding liabilities by $4.11 billion. Our net operating profit for the quarter was $1.50 billion, led by a strong US Treasury portfolio and repo performance.”
Ardoino said Tether’s global user base grew by more than 30 million during the quarter, and he highlighted that the firm reduced secured lending by $2.38 billion while adding physical gold. The attestation was prepared by BDO, a top-five global accounting firm, and confirmed the accuracy of Tether’s financial figures and reserves report as of June 30, 2026; a Big Four audit process is ongoing.
The results underscore how the stablecoin issuer has become a heavyweight in both digital-asset markets and physical bullion. Tether’s buying is a notable force in gold markets, while its US Treasury holdings make it a significant holder of US government debt, giving its reserve decisions outsized importance for traders and regulators alike.
The shrinking reserve buffer, which fell by half in the quarter, is likely to draw scrutiny from critics who have long questioned the adequacy of Tether’s backing. The company frames the change as a deliberate shift toward higher-quality, more liquid assets and a smaller, less risky lending book.
Sources: Tether official release, Decrypt, CoinDesk