Tether Releases Q3 Earnings Report: Net Operating Profit Reaches $1.5 Billion, Excess Reserves Nearly Double to $7.95 Billion

Tether released its Q3 2026 financial report on October 31, reporting $1.5 billion in net operating profit—essentially flat compared to Q2. Cumulative net operating profit for the first three quarters of 2026 reached $4.5 billion, with U.S. Treasury bills and reverse repurchase agreements continuing to drive revenue. As of September 30, its excess reserves rose to approximately $7.95 billion—up nearly $3.8 billion from $4.1 billion at the end of June, approaching a doubling. Total reserve assets stood at roughly $191.5 billion, including $132.4 billion in U.S. Treasury bills held directly or indirectly—reflecting a pronounced strategic tilt toward highly liquid, short-duration instruments. USDT’s circulating supply remained stable at around $184 billion across the first three quarters of 2026. CEO Paolo Ardoino emphasized that Tether’s reserve strategy is fundamentally designed to ensure redemption liquidity during periods of market and financial system stress—and that sustained excess reserves continue to bolster the company’s financial resilience.