Tether said its net operating profit for the third quarter of 2026 came in at $1.5 billion, roughly unchanged from the previous quarter, according to the company’s latest financial report. For the first three quarters of the year, cumulative net operating profit reached $4.5 billion. The company said its main income sources remained U.S. short-term Treasuries and reverse repurchase agreements.
As of Sept. 30, Tether’s excess reserves rose to about $7.95 billion, nearly doubling from $4.1 billion at the end of the second quarter, an increase of roughly $3.8 billion. Total reserve assets stood at about $191.5 billion at quarter-end. Tether said its direct and indirect holdings of U.S. short-term Treasuries totaled $132.4 billion, with most reserves allocated to highly liquid, short-duration instruments.
The company also said USDT supply stayed broadly stable at $184 billion during the first three quarters of 2026. Chief Executive Officer Paolo Ardoino said Tether’s reserve strategy is designed to maintain enough liquidity to meet redemption demand during periods of stress in markets and the financial system, while strengthening the company’s financial position through excess reserves.
Tether reported net operating profit of $1.5 billion for the third quarter of 2026, roughly in line with the previous quarter. Net operating profit for the first three quarters of 2026 totaled $4.5 billion.
Income sources and reserve allocation
The company said its main sources of income remained U.S. short-term Treasuries and reverse repurchase agreements. At the end of the quarter, total reserve assets stood at about $191.5 billion. Tether’s direct and indirect holdings of U.S. short-term Treasuries totaled $132.4 billion, and most reserves were allocated to highly liquid, short-duration instruments.
Excess reserves climbed from the second quarter
As of Sept. 30, Tether’s excess reserves rose to about $7.95 billion, up from $4.1 billion at the end of the second quarter. That was an increase of roughly $3.8 billion and nearly double the prior quarter-end level.
USDT supply stayed broadly stable
Tether said USDT issuance remained broadly stable at $184 billion during the first three quarters of 2026.
CEO comment
Chief Executive Officer Paolo Ardoino said the company’s reserve strategy is intended to ensure it has enough liquidity to meet redemption demand when markets and the financial system come under stress, while also strengthening its financial position through excess reserves.
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