Tether reports $1.5B profit, gold reserves rise 9.5% in Q2 2026

Tether released its Q2 2026 attestation on 31 July, showing a net operating profit of $1.5 billion. The company’s reserve buffer – assets held above the amount owed to USDT holders – fell from about $8.2 billion at the end of Q1 to $4.11 billion, a drop of roughly $5.6 billion. The decline is explained mainly by unrealised losses on its gold holdings (about $2.8 billion) and Bitcoin holdings (about $0.9 billion).

During the same quarter, the physical gold reserves backing Tether Gold (XAUt) increased 9.5 % to 707,747 fine troy ounces, valued at $3.3 billion, even as gold prices fell 14.1 % – the worst quarterly performance since Q2 2013. CEO Paolo Ardoino said the growth reflects rising demand for tokenised gold, especially during market weakness, and noted that XAUt received Shariah certification, potentially opening the product to Islamic financial institutions. The total value of distributed tokenised commodities fell 4.2 % to $4.58 billion, while the number of holders rose 6.5 % to 253,000.