The stablecoin issuer reported $191.5 billion in reserve assets and $132.4 billion in US Treasury exposure as USDT supply remained near $184 billion.
Tether reported $1.5 billion in third quarter net operating profit on Friday as its excess reserves nearly doubled to $7.95 billion, strengthening the financial buffer backing its USDT stablecoin.
The company said in its quarterly announcement that net operating profit reached $4.5 billion during the first nine months of 2026, with the latest quarter matching the $1.5 billion generated in Q2.
According to its BDO attestation, Tether held $191.45 billion in assets against $183.50 billion in liabilities as of September 30, leaving approximately $7.95 billion in excess reserves.
The surplus increased by roughly $3.8 billion from $4.1 billion at the end of June, while USDT issuance remained broadly stable at approximately $184 billion throughout the first three quarters.
Tether attributed most of its operating income to returns generated from US Treasury bills and reverse repurchase agreements, which remained the largest components of its reserve portfolio.
Tether’s US Treasury exposure reaches $132.4B
Tether reported $132.4 billion in direct and indirect US Treasury bill holdings at the end of September, maintaining its focus on liquid government securities to support stablecoin redemptions.
The reserve breakdown included $122.84 billion in directly held US Treasury bills, $9.52 billion in overnight reverse repurchase agreements and $7.18 billion in term reverse repurchase agreements.
Beyond government securities, Tether held approximately $19.08 billion in precious metals, $8.37 billion in Bitcoin and $4.18 billion in publicly traded equities.
Its reserves also included $14.18 billion in secured loans and approximately $6 billion in other investments.
The company said most reserve assets remained concentrated in liquid instruments with short maturities, allowing it to meet redemption requests during periods of market volatility.
“Our responsibility is to make sure USD₮ remains dependable when people need it most, including when markets and financial systems come under pressure,” said Paolo Ardoino, Tether’s CEO.
“Generating $1.5 billion in net operating profit while maintaining nearly $8.0 billion in excess reserves gives us a strong foundation for that work.”
BDO attestation confirms reserve surplus
The latest attestation was prepared by BDO Advisory Services under the International Standard on Assurance Engagements 3000, covering Tether’s financial figures and reserves as of September 30.
BDO concluded that the report was fairly presented in all material respects under the accounting criteria used by Tether.
The report also noted that reserve asset valuations were based on normal trading conditions and could differ under extraordinary market circumstances.
Tether’s latest results show that its reserve surplus increased substantially during the quarter despite relatively stable USDT issuance.
The company said its reserve strategy is designed to provide liquidity for redemptions while maintaining a financial buffer against market volatility.
