Tether reported about $1.5 billion in net operating profit for the third quarter of 2026, according to its latest reserves report and financial results prepared with the involvement of BDO. The increase lifted its excess reserves to $7.95 billion as of Sept. 30, strengthening the buffer available beyond assets backing issued tokens.

Chief Executive Paolo Ardoino announced the results in an Oct. 30 post. Tether’s excess reserves rose by about $3.8 billion from roughly $4.1 billion at the end of the second quarter.

Profit and reserves

Tether generated about $4.5 billion in net operating profit during the first nine months of 2026, according to the report. Its third-quarter profit was roughly unchanged from the previous quarter at about $1.5 billion. US Treasury securities and reverse repurchase agreements remained the company’s main sources of revenue.

The company’s reserve report listed total assets of $191.45 billion and total liabilities of $183.50 billion as of Sept. 30. Liabilities related to issued tokens stood at $183.47 billion, leaving an excess of assets over liabilities of $7.95 billion.

Tether’s direct and indirect exposure to US Treasury securities totaled $132.4 billion. The company said it holds most reserve assets in liquid, short-maturity instruments to retain the capacity to redeem tokens under different market conditions.

The amount of USDT issued remained relatively stable at around $184 billion during the first three quarters of 2026. The Sept. 30 report recorded $183.47 billion in liabilities for issued tokens.

Ardoino emphasizes liquidity

Ardoino said Tether intends to keep USDT reliable during periods of market stress. “Our responsibility is to make sure USDT remains dependable when people need it most, including when markets and financial systems come under pressure,” he said.

He said the combination of quarterly profit and excess reserves gives Tether a foundation for long-term growth. “We are building Tether for the long term, with the liquidity to meet redemptions and the financial strength to support infrastructure people can rely on amidst the chaotic geopolitical environment we live in,” Ardoino added.

Ardoino also said the number of USDT users had surpassed 700 million, an all-time high. He described the stablecoin as one of the biggest examples of financial inclusion, particularly in emerging markets.

Source: Incrypted