Tether generated $1.5 billion in net operating profit in the third quarter of 2026, matching the previous quarter. Its cumulative profit for the first nine months of the year reached $4.5 billion, while USDT issuance remained broadly stable at around $184 billion. The company’s excess reserve nearly doubled, rising from $4.1 billion to almost $8 billion between the end of the previous quarter and September 30. In total, Tether held $191.5 billion in reserve assets, including $132.4 billion in US Treasury bills, against approximately $183.5 billion in liabilities. The strengthened liquidity is intended to support USDT redemptions during periods of market stress, as its market capitalization recently fell by nearly $1 billion in five days.
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