Tether said in its second-quarter 2026 financial report that USDT circulation stood at about $184.6 billion as of June 30, up roughly $446 million from the end of the first quarter, while its share of the stablecoin market rose above 60%. The report was prepared by independent accounting firm BDO.
For the quarter, Tether posted about $1.5 billion in net operating profit, with the bulk of earnings coming from U.S. Treasuries and repo operations. At quarter-end, the company reported total assets of about $187.751 billion and total liabilities of about $183.642 billion. Liabilities tied to issued digital tokens were about $183.622 billion, leaving assets higher than liabilities by about $4.11 billion.
Tether also said it reduced secured loan exposure by about $2.38 billion, a 15% drop, and added 14 tons of physical gold, bringing total gold holdings to more than 146 tons. CEO Paolo Ardoino said USDT remained fully reserved despite significant volatility in gold and Bitcoin markets, while the company continued work on a Big Four audit process.
Tether said in its financial report for the second quarter of 2026 that USDT circulation stood at about $184.6 billion as of June 30, up roughly $446 million from the end of the first quarter. Its share of the stablecoin market rose to above 60%.
The report was prepared by independent accounting firm BDO. Tether recorded about $1.5 billion in net operating profit for the quarter, mainly from U.S. Treasury holdings and repo business.
Balance sheet figures at quarter-end
At the end of the quarter, the company reported total assets of about $187.751 billion and total liabilities of about $183.642 billion. Of that, liabilities related to issued digital tokens were about $183.622 billion. Assets exceeded liabilities by about $4.11 billion.
Changes in secured loans and gold holdings
During the quarter, Tether cut its secured loan exposure by about $2.38 billion, a decline of 15%. It also added 14 tons of physical gold, taking its total gold holdings to more than 146 tons.
Tether said it remains one of the world’s largest buyers and holders of U.S. Treasuries. The company also said its global user base increased by more than 30 million during the quarter.
Ardoino comments on reserves and audit process
Tether CEO Paolo Ardoino said USDT remained fully backed by reserves despite significant volatility in gold and Bitcoin markets. The company said it also continued advancing its audit process with a Big Four accounting firm during the same period.
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