Stablecoin issuer Tether has released its independent assurance report for Quarter III/2026 conducted by global accounting firm BDO. The announcement issued on October 30, 2026 shows that the company continues to maintain impressive profitability with net operating profit reaching $1.5 billion during the quarter, while significantly increasing its liquidity cushion to protect user assets.
Quarter III operating profit reaches $1.5 billion thanks to US Treasury bills
For the first nine months of 2026, Tether generated a total of $4.5 billion in net operating profit, with Quarter III contributing $1.5 billion, maintaining stability comparable to the previous quarter’s results. The company’s primary revenue source continues to stem from investments in US Treasury bills and reverse repurchase agreements carrying attractive interest rates.
Total USDT issuance remained stable at around $184 billion over the past three quarters, despite periods of intense volatility in the digital asset market. To ensure liquidity, Tether maintains direct and indirect holdings of US government bonds at a record high of up to $132.4 billion. This solid financial position helps the company preserve its role as a liquidity pillar, supporting the execution of USDT asset freezes requested by international law enforcement agencies when fraudulent incidents occur.
Reserve buffer in excess of liabilities surges to $7.95 billion
The most notable highlight in this quarter’s financial report is the robust expansion of the reserve buffer. Tether’s surplus assets exceeding all liabilities nearly doubled from $4.1 billion at the end of Quarter II to $7.95 billion as of September 30, 2026, representing an increase of more than $3.8 billion.
According to figures confirmed by BDO at the end of the quarter, Tether’s total assets reached $191.45 billion, while total liabilities stood at $183.50 billion (of which $183.47 billion represents the value of digital tokens in circulation). The excess of assets over liabilities reached exactly $7.95 billion, serving as a solid equity cushion to absorb any market risks without compromising user collateral. The increase in reserve backing coincides with the expansion of stablecoin payments in the real economy across many developing regions.
Liquidity role amid geopolitical volatility
Tether CEO Paolo Ardoino emphasized that maintaining a reserve buffer close to the $8 billion mark is a core commitment to ensuring that USDT remains ready to satisfy any market redemption demands even during periods of extreme stress. He affirmed that the company is building a financial foundation capable of operating resiliently amidst complex global geopolitical volatility.
Although the BDO report reflects only a snapshot of the financial position as of September 30, 2026 rather than real-time comprehensive audit data, the capital buffer of nearly $8 billion is an important indicator bolstering the confidence of financial institutions. As competitors seek to expand their influence, the market share of issuers of stablecoins will depend heavily on the ability to maintain transparent liquidity and resilience against future regulatory shocks.