Tether reports $1.5B Q3 operating profit, $7.95B excess reserves and $132.4B in Treasury bill holdings

Tether reported $1.5 billion in net operating profit for Q3 2026 and $4.5 billion for the first nine months of the year. As of September 30, it reported $191.5 billion in reserve assets against $183.5 billion in liabilities, leaving $7.95 billion in excess reserves, up from $4.1 billion at the end of Q2 ^{[1] [2] [3]}.

The company reported approximately $184 billion in USDT issuance and $132.4 billion in direct and indirect U.S. Treasury bill holdings at quarter-end. Tether said Treasury bills and reverse repurchase agreements were the main earnings drivers ^{[1] [3]}.

The Defiant noted that BDO’s attestation covered Tether’s reserve position at September 30, rather than activity across the full quarter ^[4].

Coindoo reported that the reserve buffer increased by about $3.8 billion while Bitcoin holdings gained about $2.6 billion in value; it also said a restatement of opening equity complicates the quarterly comparison ^[5].