Tether’s Excess Reserves Reach About $7.95 Billion in Q3

Tether’s excess reserves rose to about $7.95 billion at the end of the third quarter, nearly double their June level, while token issuance remained near $184 billion.

Tether released its 2026 third-quarter financial report Oct. 31. On Sept. 30, total reserve assets were about $191.5 billion, including $132.4 billion in direct and indirect U.S. Treasury bill holdings. Most reserves were held in liquid, short-term instruments. Excess reserves were about $4.1 billion at the end of June.

Net operating profit was $1.5 billion for the quarter, roughly unchanged from Q2, and $4.5 billion for the first three quarters of 2026. U.S. Treasury bills and reverse repurchase agreements remained the company’s main income sources.

Tether’s token issuance stayed broadly steady at $184 billion through the first nine months of 2026. Tether CEO Paolo Ardoino said the reserve strategy is designed to preserve liquidity for redemptions during market or financial-system stress, while excess reserves help strengthen the company’s finances.