Stablecoin issuer Tether reports a 50% quarterly profit jump as USDT circulation and reserve surplus expand despite market contraction.
Tether announced a $1.5 billion net operating profit for Q2, up nearly 50% from Q1 2026. The gain follows growth in USDT circulation, which reached $184.6 billion, and a reserve surplus expansion to over $4 billion.
Assets totaled $187.75 billion against $183.64 billion in liabilities as of June 30. USDT market share rose to over 60% despite a shrinking stablecoin market, driven by short-term U.S. Treasuries and repurchase agreements.
The company reduced secured lending exposure by $2.38 billion, or 15%, and increased gold holdings by 14 metric tons during the quarter.