Tether reported a sharp increase in its reserve surplus and strong third-quarter profitability, highlighting the scale of the assets backing its USDT stablecoin. The company said its excess reserves reached $7.95 billion at the end of September, up from $4.1 billion in June, while operating profit for the quarter was $1.5 billion.
The figures were released alongside Tether’s latest attestation, prepared by independent accounting firm BDO. Tether reported $191.5 billion in assets and $183.5 billion in liabilities as of September 30, leaving the company with a surplus of $7.95 billion.
Treasury exposure remains central
A large part of Tether’s reported assets was linked to US government debt. The company held $132.4 billion in direct and indirect US Treasury bills, according to the attestation figures.
That exposure is close to South Korea’s $134.2 billion in US government debt and above the United Arab Emirates’ $116.1 billion, based on August figures from the US Treasury Department. Treasury bills and reverse repurchase agreements were also identified by Tether as major sources of income.
Tether reported $4.5 billion in net operating profit for the first nine months of 2026. Its Bitcoin holdings were valued at $8.37 billion at the end of September, compared with approximately $5.8 billion at the end of June.
USDT’s reach and reserve scrutiny
USDT remains the largest stablecoin, a type of cryptocurrency designed to maintain a value linked to a traditional currency. According to DefiLlama data cited in the report, it represented about 60% of the $297.3 billion stablecoin market.
Tether CEO Paolo Ardoino said on Friday in a post on X that USDT’s user base had exceeded 700 million. He said adoption was concentrated in emerging markets, where stablecoins can be used for digital-dollar transactions and transfers, although the source material does not provide a regional breakdown.
The company has faced years of scrutiny over the transparency of its reserves. In August, Tether announced that it had completed its first full independent financial statement audit by KPMG US. The audited statements, however, had not been published.
According to Cointelegraph, the latest figures show both the size of Tether’s Treasury exposure and the growth in its reported reserve cushion. The attestation is a report on the information provided by the company, while the previously announced audit would represent a separate and broader form of financial review.
Current market picture
Moneyiar market data at 12:38 p.m. on November 1, 2026, showed:
- Bitcoin: $77,759.602030372, up 0.27% over 24 hours and down 3.2% over seven days.
- Ethereum: $2,259.2690803196, up 0.39% over 24 hours and down 2.99% over seven days.
- Tether USDt: $0.9986609715, down 0.03% over 24 hours and down 0.01% over seven days.
Moneyiar data at 12:39 p.m. showed NEAR Protocol at $4.3623246537, down 1.02% over 24 hours and 2.16% over seven days.
