SAN SALVADOR, July 31, 2026 — Tether has published its second-quarter 2026 attestation, reporting $4.11 billion in excess reserves as of June 30 alongside approximately $184.6 billion in USD₮ (USDT) issued. The BDO-prepared report also showed approximately $1.5 billion in net operating profit for the quarter and provided an overview of the assets backing the stablecoin.
Reserve structure
According to the attestation, Tether reported total assets of $187,751,426,411 and total liabilities of $183,641,897,215 as of June 30, 2026. Liabilities related to digital tokens issued totaled $183,622,105,630, leaving assets $4,109,529,196 above liabilities.
The company said the majority of its reserves remained in U.S. government-backed instruments and short-term liquidity facilities. According to Tether, net operating profit for the quarter was primarily generated by its U.S. Treasury portfolio and repurchase agreements (repo), reflecting the continued emphasis on highly liquid reserve assets.
Quarterly developments
Tether said approximately $184.6 billion in USDT had been issued by the end of the second quarter, an increase of roughly $446 million from the end of the previous quarter despite a decline in the overall cryptocurrency market capitalization.
The company also reported reducing its secured lending exposure by approximately $2.38 billion, or 15%, during the quarter. In addition, Tether said it added approximately 14 metric tons of physical gold, increasing its total holdings to more than 146 metric tons.
According to Tether, the attestation confirms the accuracy of the company’s Financial Figures and Reserves Report as of June 30, 2026. The company also said its broader audit process with a Big Four accounting firm remained ongoing.
Why it matters
Tether’s quarterly reserve disclosures remain closely watched because USDT is the world’s largest stablecoin by circulating supply and serves as a key source of liquidity across the digital asset ecosystem. The reports provide market participants with updated information on the assets backing the stablecoin, reserve composition, and the issuer’s financial position.
The latest attestation indicates that Tether maintained assets in excess of liabilities while continuing to reduce secured lending exposure and increase its physical gold holdings. Together, those disclosures provide additional insight into the company’s reserve management strategy during a quarter marked by volatility in both gold and Bitcoin markets.
