Tether reported approximately $1.5 billion in net operating profit for the second quarter of 2026, driven mainly by returns from U.S. Treasury securities and repurchase agreements.

According to a reserves attestation prepared by BDO, the stablecoin issuer held $187.75 billion in assets against $183.64 billion in liabilities as of June 30th. That left Tether with a reserve surplus of approximately $4.11 billion.

USDt issuance reached about $184.6 billion, up $446 million from the end of the first quarter. Tether stated that the stablecoin accounted for more than 60% of the overall market.

Most of the company’s reserves remained in liquid, short-term assets. 

Tether reported $114.96 billion in U.S. Treasury bills, alongside $18.63 billion in overnight reverse-repurchase agreements and $6.99 billion in term reverse-repurchase agreements.

The reserve report also listed $18.84 billion in precious metals and $5.80 billion in Bitcoin. 

Tether said it added 14 metric tons of physical gold during the quarter, bringing its holdings to more than 146 tons.

Bitcoin-focused account HODL15Capital estimated that Tether purchased 1,800 Bitcoin during the quarter, increasing its holdings to 98,933 Bitcoin. 

The attestation reported only the dollar value of the position, not the number of Bitcoin held.

Tether also reduced its secured loans by approximately $2.38 billion, or 15%, during the quarter.

The company said its global user base exceeded 650 million after growing by more than 30 million. 

A Tether analysis based on Chainalysis and Artemis data estimated that USDt appeared in 77.4% of stablecoin wallets holding between $1 and $1,000 as of June 30th.

The figures come from Tether’s quarterly attestation, which provides a snapshot of its reserves and is not equivalent to a full financial-statement audit.