TLDR Tech / Crypto
Tether's Excess Reserves Fall by More Than $4 Billion
Tether's excess reserves fell from $8.2 billion to $4.1 billion in Q2 2026, as Bitcoin and gold each depreciated over 10%, compressing mark-to-market values on its $5.8 billion Bitcoin position and $18.8 billion precious metals book. Net operating profit of $1.5 billion for Q2 2026 compares to $4.9 billion in net profit for Q2 2025, with H1 2026 producing a negative $3.2 billion financial result that implies Q2 losses exceeding $4 billion. Tether reported net operating profit as its headline metric, a figure that strips out unrealized asset value changes, a framing choice that softens the impact of mark-to-market drawdowns on its reserves. USDT's user base reached a record 650 million, with CEO Paolo Ardoino characterizing Q2 2026 as a "great quarter despite highly volatile global markets."
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