Tether Posts $1.5 Billion Q3 Operating Profit, With Excess Reserves Nearly Doubling to $7.95 Billion

Tether reported $1.5 billion in net operating profit for the third quarter, while its excess reserves nearly doubled to $7.95 billion above the value of USDT (CRYPTO: $USDT) in circulation, the stablecoin issuer announced Friday.

The buffer, the amount by which Tether’s assets exceed its liabilities, rebuilt a large part of the ground it lost earlier this year. It fell from a record $8.23 billion at the end of March to $4.11 billion at the end of June, according to earlier coverage of Tether’s attestations, before climbing $3.8 billion in the latest quarter. The profit figure matched the second quarter, and the company has now earned $4.5 billion in the first nine months of 2026.

As of Sept. 30, Tether reported total assets of $191.5 billion against liabilities of $183.5 billion, nearly all of it the $183.5 billion in USDT tokens issued. USDT issuance has held broadly steady at about $184 billion through the first three quarters despite market swings, the company said. Direct and indirect holdings of U.S. Treasury bills total $132.4 billion, and Treasury bills and reverse repurchase agreements produced most of the income.

CEO Paolo Ardoino said the company’s job is to keep USDT dependable when markets and financial systems come under pressure, and that profit alongside nearly $8 billion in excess reserves gives it a strong base for that work.

U.S. stablecoin rules are still taking shape. The Office of the Comptroller of the Currency finalized its GENIUS Act rule last week, while the industry closely monitors how the Treasury Department will approach foreign issuers such as Tether.