Stablecoins may have faced a softer quarter overall, but Tether continued moving in the opposite direction. The company reported $1.5 billion in net operating profit for Q2 2026, expanded its reserve surplus to $4.11 billion, and increased physical gold holdings to more than 146 tons, reinforcing its position as the largest stablecoin issuer by market share.
Meanwhile, USDT circulation climbed even as the broader stablecoin market contracted.
USDT Supply Continues Expanding Despite Industry Pressure
According to Tether’s Q2 2026 attestation prepared by BDO, approximately $184.6 billion worth of USDT was in circulation as of June 30, roughly $446 million higher than the previous quarter.
That growth pushed USDT to more than 60% of the global stablecoin market, despite an overall decline in total stablecoin market capitalization during the same period.
The company also reported its global user base expanded by more than 30 million users during the quarter.
Reserve Strategy Stays Focused On Liquidity
Tether said its reserve portfolio remains concentrated in short-duration, high-quality liquid assets, with U.S. Treasuries and repo agreements driving approximately $1.5 billion in quarterly operating profit.
The company added 14 tons of physical gold, lifting total holdings beyond 146 tons, while reducing secured lending exposure by approximately $2.38 billion, or 15%, during the quarter.
As of June 30, total assets stood at $187.75 billion, compared with $183.64 billion in liabilities, leaving reserves exceeding liabilities by approximately $4.11 billion.
Audit Process Continues Alongside Infrastructure Growth
Tether said the Big Four audit process continued throughout the quarter while it expanded its broader financial and technology infrastructure.
For now, Tether appears focused on preserving liquidity while growing USDT circulation. Even amid volatility across gold and digital asset markets, the company maintained reserve coverage above liabilities and continued increasing its dominance within the global stablecoin sector.
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