TREE NEWS reports: Tether reported $1.5 billion in net operating profit for the third quarter of 2026, flat versus the second quarter, bringing nine-month profit to $4.5 billion. Its reserves report, prepared by BDO, showed total assets of about $191.5 billion against liabilities of $183.5 billion as of Sept. 30, lifting excess reserves to roughly $7.955 billion from $4.1 billion at the end of Q2. Tether’s direct and indirect U.S. Treasury exposure reached $132.4 billion, while USDT in circulation held near $184 billion.
Tether Q3 operating profit hits $1.5B as excess reserves near $8B
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AI take
The headline profit number is flat, but the balance-sheet shift is the real story: excess reserves nearly doubled in a single quarter while USDT in circulation barely moved, meaning the buffer was rebuilt rather than grown through new issuance. That matters for the issuers and venues that treat USDT as settlement collateral, since the cushion against redemption pressure is now materially larger. Whether that buffer keeps expanding without token supply growth, or whether the flat quarter signals a plateau in the model, is the open question worth watching.
Generated by AI for reference only.
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