Tether Q2 profit hits $1.5B as USDT supply grows 
Tether generated approximately $1.5 billion in net operating profit during the second quarter of 2026 as returns from US Treasury holdings and repo operations supported its earnings. The figures appeared in Tether’s latest reserve attestation, prepared by accounting firm BDO and released Friday. US government-backed securities continued to account for the largest portion of the company’s reserve portfolio. 
Interest earned from that portfolio, along with returns from repo operations, provided the main source of Tether’s second-quarter profit. The company’s exposure to short-term US debt has made its earnings sensitive to Federal Reserve policy and changes in Treasury yields. Tether also reported that the circulating supply of USDT reached approximately $184.6 billion by the end of June. Based on the company’s figures, the token controlled more than 60% of the global stablecoin market.
Tether adjusted the composition of its reserves during the quarter by reducing secured lending and increasing its holdings of physical gold. Outstanding secured loans fell by about $2.4 billion. Tether did not provide a full breakdown of the borrowers or collateral involved in the lending reduction in the information accompanying the results.
