Tether Made $1.5 Billion in Q2 and Its Reserve Cushion Still Halved
Tether earned roughly $1.5 billion in the second quarter, yet the cushion protecting Tether (USDT) holders shrank by half. Excess reserves closed June at $4.11 billion, down from a record $8.23 billion.
The stablecoin issuer published its Q2 2026 attestation on Friday, prepared by accounting firm BDO. The report confirms USDT stays overcollateralized. It does not explain where more than $5 billion of surplus went.
The Arithmetic the Report Skips
Tether reported total assets of $187.75 billion against liabilities of $183.64 billion on June 30. Three months earlier, assets stood at $191.77 billion.
The asset side therefore fell about $4 billion while token liabilities barely moved. In May, the record Q1 reserve buffer was the company's headline number.
Add the $1.5 billion earned during the quarter and the gap implies roughly $5.6 billion of unrealized losses or outflows. Tether entered April holding about $20 billion in gold and $7 billion in Bitcoin.
The wording moved as well. The Q1 release reported "net profit." Friday's release reports "net operating profit."
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