Tether reserves exceeded liabilities by $7.95 billion at the end of September 2026, nearly double the buffer reported three months earlier, as the stablecoin issuer generated $1.5 billion in third-quarter net operating profit.

Tether reserves and quarterly profit

Tether reported $191.5 billion in assets against $183.5 billion in liabilities at September 30. The resulting reserve surplus rose from $4.1 billion at the end of June. Accounting firm BDO prepared the company’s third-quarter attestation.

Direct and indirect holdings of US Treasury bills totaled $132.4 billion. Tether said Treasury bills and reverse repurchase agreements generated most of its $4.5 billion in net operating profit for the first nine months of 2026.

The company valued its Bitcoin reserves at $8.37 billion at the end of September, compared with approximately $5.8 billion at the end of June.

Audit and USDT reach

Tether has faced scrutiny over its reserve transparency. In August, it announced that KPMG US had completed an independent audit of its 2025 financial statements. Tether said the 2025 financial statement audit complemented its quarterly reserve reporting; the audited statements were not made public.

Tether CEO Paolo Ardoino said on October 30 that the user base of USDT, the company’s stablecoin, had surpassed 700 million, with adoption concentrated in emerging markets.

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