Tether has released its Q2 2026 attestation, reporting higher USDT circulation, stronger quarterly profitability, and an expanded reserve buffer as the stablecoin issuer continued to grow despite volatile conditions across global financial markets.
According to the announcement published on July 31, the attestation prepared by accounting firm BDO, shows that approximately 184.6 billion USDT were in circulation as of June 30, an increase of about $446 million from the previous quarter.
Despite a decline in the overall stablecoin market during the period, Tether said USDT’s market share increased to more than 60%.
The report also showed that the company generated roughly $1.5 billion in net operating profit, primarily from its U.S. Treasury portfolio and repurchase agreements.
Tether expands reserve buffer
Tether’s latest attestation shows its reserves remained primarily invested in short-term U.S. Treasury-backed assets and other liquid instruments designed to support USDT redemptions during periods of market volatility.
The company reported $187.75 billion in total assets, $183.64 billion in total liabilities, and $183.62 billion worth of digital tokens in circulation. Tether also held $4.11 billion in excess reserves, exceeding the assets required to back its issued USDT.
During the quarter, Tether reduced its secured lending exposure by approximately $2.38 billion, or 15%, while increasing its physical gold holdings by 14 metric tons.
Commenting on the results, CEO Paolo Ardoino said the second quarter tested the company’s reserve strategy amid volatile market conditions.
“Q2 demonstrated the strength of Tether’s reserve strategy under real market pressure,” Ardoino said.
He added that Tether remains among the world’s largest holders of U.S. Treasuries while continuing to maintain reserves above its liabilities.
Ardoino says USDT user base has passed 650 million
Following the release of the attestation, Ardoino also highlighted growth in USDT adoption. According to him, the stablecoin’s global user base has now surpassed 650 million, marking a new all-time high.
He said much of the recent expansion came from emerging markets, where demand for dollar-backed digital assets has remained strong amid continued geopolitical uncertainty.
Ardoino also reiterated Tether’s broader objective of expanding financial access, arguing that stablecoins continue serving populations underserved by traditional financial infrastructure.
Stablecoin competition continues
Ardoino’s remarks come as competition among stablecoin issuers continues to intensify, with regulated issuers expanding through new banking charters, blockchain integrations, and payment partnerships.
Against that backdrop, the Tether CEO’s message focused on scale and adoption rather than market share, emphasizing that USDT continues gaining users even as the stablecoin industry enters a more competitive and regulated phase.
Also Read: Tether-Backed USAT Launches on Celo With Native Gas Fee Support
