Tether said it generated about $1.5 billion in net operating profit in the third quarter of 2026, according to a reserves report prepared with the involvement of audit firm BDO. The company also reported a sharp increase in excess reserves, which rose to $7.95 billion from $4.1 billion at the end of the prior quarter.
The latest figures show total assets of $191.45 billion against total liabilities of $183.5 billion as of September 30. Tether said its income continued to come mainly from US Treasury securities and reverse repurchase agreements.
Quarterly balance sheet expands
Tether’s reported asset base stood at $191.45 billion at the close of the quarter, while total liabilities were $183.50 billion. Of those liabilities, $183.47 billion were tied to issued tokens, leaving assets in excess of liabilities at $7.95 billion.
The company’s excess reserve position nearly doubled from the $4.1 billion it reported at the end of the second quarter. Tether also disclosed direct and indirect exposure to US Treasury securities of $132.4 billion as of September 30.
Profit holds steady over the quarter
For the first nine months of 2026, Tether reported around $4.5 billion in net operating profit. The third-quarter contribution of roughly $1.5 billion was described as broadly in line with the previous quarter.
According to the company, the main drivers of revenue remained holdings of US Treasury securities and reverse repurchase agreements. Tether said its reserve portfolio is concentrated largely in liquid, short-duration instruments intended to support redemptions under different market conditions.
Ardoino highlights liquidity and resilience
Chief executive Paolo Ardoino said the reserve structure is designed to keep the stablecoin dependable during periods of market stress. He said the combination of profit generation and excess reserves gives the company both liquidity for redemptions and a financial base to continue supporting infrastructure during geopolitical uncertainty.
Ardoino also said Tether’s reserve approach should help it continue serving users through more difficult periods for markets and financial systems. Those comments accompanied the release of the company’s latest reserve and financial update.
User base reaches new high
Tether said the number of USDT users has now surpassed 700 million, which the company described as an all-time high. Ardoino said the scale of that user base makes USDT an important example of financial inclusion, particularly in emerging markets.
The next confirmed reference point for investors and users is the company’s subsequent reserves disclosure, which would show whether profit, reserve levels and Treasury exposure remain at similar levels after September 30. For now, Tether’s latest report presents a quarter in which profitability remained steady and the cushion above liabilities grew substantially.
Source: incrypted.com