Tether Increased Its Reserve Buffer to Nearly $8 Billion at End of Third Quarter

Ринки 04.11.2026    23:07

Tether, the issuer of USDT—the largest dollar-pegged stablecoin by market capitalization—reported $1.5 billion in net operating profit for the third quarter of 2026, while the amount of assets exceeding its liabilities increased to $7.95 billion, according to the company’s report released on October 30.
According to Tether, total operating profit for the first nine months of 2026 amounted to $4.5 billion.
As of the end of September, the company’s total assets were valued at $191.45 billion, while liabilities stood at $183.50 billion.
Liabilities directly related to issued digital tokens reached $183.47 billion.
As a result, the excess of assets over liabilities amounted to $7.95 billion, compared to approximately $4.1 billion at the end of the second quarter.
Thus, over the course of three months, the company’s additional reserve buffer increased by approximately $3.8 billion, or 94%.
A significant portion of Tether’s reserves consists of short-term U.S. government debt securities and other highly liquid financial instruments.
Specifically, the company’s direct and indirect investments in U.S. Treasury bills totaled $132.4 billion as of September 30.
Interest income from government bonds and reverse repo transactions remain the primary sources of operating profit.
Tether notes that during the first nine months of 2026, the volume of USDT in circulation remained relatively stable, at around $184 billion, despite increased volatility in the cryptocurrency market.
The financial figures were published based on the company’s reserve report as of September 30, for which BDO prepared an independent attestation.
However, such a document is not equivalent to a full audit of the company’s entire operations, which is important to consider when assessing its financial stability.
The growth of the reserve buffer is important for the stability of USDT, as stablecoin holders depend on the issuer’s ability to redeem tokens according to the established terms.
At the same time, the concentration of a significant portion of reserves in dollar-denominated instruments means that Tether’s financial results remain tied to U.S. interest rates and the yields on short-term government debt.
If the Federal Reserve lowers interest rates, interest income from reinvesting reserves may decline, whereas when rates are relatively high, the company generates additional profit.
Thus, Tether continues to play not only the role of an infrastructure participant in the cryptocurrency market but also that of a significant investor in U.S. government debt instruments.

 

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