Tether reported $1.5 billion in third-quarter operating profit, and its excess reserves nearly doubled to $7.95 billion. The company's US Treasury bill holdings and Bitcoin reserves stood at $132.4 billion and $8.37 billion at the end of September.
Tether reported $1.5 billion in third-quarter operating profit as its excess reserves nearly doubled to $7.95 billion. The figures came with its latest attestation, prepared by independent accounting firm BDO.
Reserve surplus climbs from $4.1 billion
At the end of September, the company held $191.5 billion in assets against $183.5 billion in liabilities. That left a reserve surplus of $7.95 billion, compared with $4.1 billion reported in June.
Tether also generated $4.5 billion in net operating profit during the first nine months of 2026. According to the company, the income was largely driven by US Treasury bills and reverse repurchase agreements.
Treasury exposure rivals foreign holders
Its assets included $132.4 billion in direct and indirect US Treasury bill holdings. That exposure is comparable to South Korea's $134.2 billion in US government debt and exceeds the United Arab Emirates' $116.1 billion, according to August data from the US Treasury Department.
Tether's Bitcoin reserves, meanwhile, were valued at $8.37 billion, up from approximately $5.8 billion at the end of June.
USDT keeps its lead in the stablecoin market
Tether's USDT accounts for around 60% of the $297.3 billion stablecoin market, according to DefiLlama data. On Friday, CEO Paolo Ardoino said in a post on X that USDT's user base had surpassed 700 million, with adoption concentrated in emerging markets.
The issuer has faced years of scrutiny over reserve transparency. In August, it announced the completion of its first full independent financial statement audit by KPMG US, although the audited statements were not made public.
Source: Cointelegraph
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