Tether reported a net profit of $1.5 billion in the third quarter of 2026, bringing its cumulative profit for the first nine months to $4.5 billion. According to the attestation prepared by BDO, its excess reserves reached approximately $7.95 billion on September 30, compared with $4.1 billion at the end of June. Total reserve assets stood at approximately $191.5 billion, including $132.4 billion in US Treasury securities, while USDT issuance remained stable at $184 billion. Interest income from short-term Treasury bills and institutional repurchase agreements is the stablecoin issuer’s main source of profitability, but it remains dependent on interest rates. Key factors to watch include whether excess reserves exceed the $8.23 billion record, whether USDT issuance breaks out of its current range, and how quarterly profit changes with interest rates.
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