Tether reports $1.5 billion third-quarter profit as its reserve buffer nearly doubles
Assets backing USDT exceeded liabilities by about $7.95 billion at the end of September, according to a BDO attestation. Treasury bills remain the core of the reserves.
Tether, the issuer of the USDT stablecoin, said it made $1.5 billion in net operating profit in the third quarter, according to its October 30 announcement. Separately, a reserves report attested by accounting firm BDO put the excess of Tether's assets over its liabilities at about $7.95 billion on September 30, up from $4.1 billion at the end of June, according to Tether. BDO's opinion covers the assets and liabilities, not the profit figures.
What the attestation shows
The report covers Tether's financial figures and reserves as of September 30, 2026. Total assets were $191,451,091,374 and total liabilities $183,496,460,904, leaving excess reserves of $7,954,630,470, Tether said. The liabilities relate mainly to the Tether tokens issued; Tether said the amount of USDT issued stood at about $184 billion, little changed through the first nine months of 2026.
| Item | September 30, 2026 |
|---|---|
| Total assets | $191.45 billion |
| Total liabilities | $183.50 billion |
| Excess reserves | $7.95 billion |
| US Treasury bills (direct and indirect) | $132.4 billion |
| Bitcoin | $8.37 billion |
| Precious metals | $19.08 billion |
The breakdown is from Tether's reserves report, which BDO attested.
Why it matters
With about $184 billion issued, USDT is a core settlement asset in crypto trading. A larger gap between assets and liabilities gives holders more cushion if some reserve assets lose value. The attestation came the day after Tether froze more than $1.5 billion in USDT linked to the Binance hack, a reminder that Tether's role goes beyond issuing tokens.
What it could mean for traders
Reserve quality is the main risk factor for any fiat-backed stablecoin. Treasury bills make up the bulk of Tether's reserves, while Bitcoin and precious metals add assets whose prices move. An attestation is a point-in-time check by an accounting firm, not a full audit. The next quarterly report, and how US rules under the GENIUS Act treat issuers such as Tether and Circle, are the developments to watch.
Sources
- Tether — Tether Generates $1.5 Billion in Q3 Net Operating Profit as Reserve Buffer Doubles to Almost $8 Billion (October 30, 2026)
- Tether / BDO — Tether International Financial Figures and Reserves Report as of 30 September 2026 (ISAE 3000R opinion) (October 30, 2026)
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