Tether: $1.5 Billion Profit and $191.45 Billion Reserves in Q3

On October 30, Tether published its report for the third quarter of 2026. According to the document, as of September 30, the total volume of reserve assets amounted to $191.45 billion with liabilities of $183.50 billion. Thus, excess reserves reached $7.95 billion, almost double the figure at the end of the second quarter ($4.1 billion).

Profit and USDT Volume

Net operating profit for the quarter amounted to $1.5 billion, consistent with the previous quarter. The main income came from investments in US Treasury bills and reverse repo agreements. For the first nine months of 2026, Tether's cumulative net operating profit reached $4.5 billion. The volume of the stablecoin USDT remained stable at around $184 billion during the first three quarters of 2026, despite the volatility of the crypto market.

Reserve Structure

The largest part of the reserves consisted of US Treasury bills amounting to $122.84 billion. Including overnight reverse repurchase agreements secured by these securities, Tether's direct and indirect exposure to US Treasury bills reached approximately $132.4 billion. Cash equivalents and other short-term deposits amounted to $139.58 billion, or about 73% of the total reserves. Precious metals, mainly physical gold, accounted for $19.08 billion, and bitcoins for $8.37 billion. Other reserve assets include secured loans of $14.18 billion, other investments of $6 billion, and publicly traded stocks of $4.18 billion.

Statements and Confirmation

Tether CEO Paolo Ardoino stated that the combination of profitability and growing reserves ensures financial stability amid market uncertainty. According to him, the company's responsibility is to ensure the reliability of USDT when people need it most, including when markets and financial systems are under pressure. He added that Tether's reserve strategy is aimed at maintaining liquidity and the ability to meet redemption demands even in challenging market conditions.

The data was included in an independent confirmation prepared by the audit firm BDO, which reviewed the financial position of Tether International as of September 30. BDO concluded that the financial indicators and reserve report are fairly presented in all material respects in accordance with the company's accounting policy. However, this confirmation represents an assessment at a specific point in time, not a comprehensive audit of the quarterly financial results. The report also notes that the estimates are based on the assumption of normal market conditions and may not reflect the realizable value of assets in the event of extraordinary disruptions or periods of significant counterparty illiquidity.

Response to Binance Attack

On Thursday, Tether played a key role in responding to a hacker attack on Binance amounting to $6.3 billion. Ardoino wrote on X that the issuer froze more than $1.567 billion USDT following a massive outflow of funds from the exchange's wallets. The freeze means that criminals will not be able to move or exchange the stolen funds, which account for approximately a quarter of the total value of the stolen assets in dollar terms.