Tether Posts $1.5 Billion in Q3 Net Operating Profit as Reserve Assets Top $190 Billion

Tether posted $1.5 billion in third-quarter net operating profit, while its reserve holdings included $132.4 billion in U.S. Treasurys, underscoring the stablecoin issuer’s exposure to U.S. debt.

Tether’s third-quarter figures put total reserve assets at $191.5 billion on Sept. 30. Total liabilities were $183.5 billion, leaving assets about $7.95 billion above liabilities.

That excess, known as the reserve buffer, grew from $4.1 billion at the end of the second quarter. The company’s USDT issuance remained broadly steady at about $184 billion through the first nine months of 2026.

Tether recorded $4.5 billion in net operating profit for the first three quarters. Its third-quarter profit matched the prior quarter, with earnings mainly from U.S. Treasurys and reverse repurchase agreements.

The figures detail the assets and liabilities behind USDT, the stablecoin Tether issues. Treasury holdings made up a substantial part of its reserve portfolio at quarter-end.