Tether reports $1.5 billion in Q3 operating profit

Tether has released its third-quarter financial figures, reporting a net operating profit of $1.5 billion. This brings the cumulative net operating profit for the first nine months of 2026 to approximately $4.5 billion. The company identified US Treasury bills and reverse repurchase agreements as its primary revenue drivers.

According to a reserve attestation report prepared by BDO, Tether held approximately $191.45 billion in total assets against $183.50 billion in total liabilities as of September 30. This resulted in excess reserves of approximately $7.95 billion, nearly doubling the $4.11 billion buffer reported at the end of the second quarter.

The company maintains a significant portion of its reserves in highly liquid assets, including $132.4 billion in direct or indirect holdings of US Treasury bills. Tether CEO Paolo Ardoino stated that these results strengthen the long-term foundation of the business and ensure liquidity to meet USDT redemption demands even during market volatility.

While the operating profit reflects interest income, analysts note that fluctuations in the value of Bitcoin and gold holdings also impact the overall reserve cushion. Additionally, USDT issuance has remained relatively stable at around $184 billion throughout the first three quarters of the year.