Tether, the operator of the world’s largest stablecoin USDT, posted a third-quarter operating profit of $1.5 billion, according to its latest financial figures released alongside an attestation by independent accounting firm BDO. The company’s excess reserves nearly doubled to $7.95 billion compared to June, reflecting strengthened financial backing for its dollar-pegged token.
Asset holdings and treasury exposure
At the close of September, Tether reported holding $191.5 billion in assets against $183.5 billion in liabilities. This resulted in a reserve surplus of $7.95 billion, a significant increase from the $4.1 billion surplus recorded three months earlier.
A major component of Tether’s portfolio consists of $132.4 billion in direct and indirect US Treasury bill holdings. This scale of exposure places Tether near the largest foreign holders of US government debt. For comparison, South Korea holds $134.2 billion, while the United Arab Emirates carries $116.1 billion, according to August US Treasury Department data.
| Entity | US Treasury Holdings ($ Billion) |
|---|---|
| Tether | 132.4 |
| South Korea | 134.2 |
| United Arab Emirates | 116.1 |
The company reported it generated $4.5 billion in net operating profit in the first nine months of 2026. Income was primarily attributed to yields from US Treasury bills and proceeds from reverse repurchase agreements, a common short-term funding instrument in the financial markets.
In addition to its US Treasury holdings, Tether’s reserves include Bitcoin, valued at $8.37 billion at the end of September, rising from around $5.8 billion at the close of June.
Market position and user adoption
USDT maintains its position as the world’s largest stablecoin, with a market share of about 60% in the global stablecoin market, which totals $297.3 billion according to data from decentralized finance analytics platform DefiLlama.
Tether CEO Paolo Ardoino stated on Friday via X that USDT now has a user base exceeding 700 million, with adoption being particularly strong in emerging economies.
Tether CEO Paolo Ardoino announced that USDT’s user base has surpassed 700 million, with the majority of growth driven by increased adoption in emerging markets.
Focus on transparency and financial oversight
The company has operated under ongoing scrutiny regarding the transparency and sufficiency of its reserves. In August, Tether completed its first full independent financial statement audit by KPMG US. However, it has not yet made these audited statements available to the public.
Mini dictionary: BDO is an international accounting network providing audit, advisory, and assurance services, and is considered among the world’s largest professional services firms.
Tether continues to publish attestations of its asset holdings through major accounting firms, aiming to address ongoing calls for detailed financial transparency.
