# Tether Q3 2026: $1.5 billion profit, excess reserves nearly double to $7.95 billion

Source: Searchable (https://searchable.pk/news/crypto/tether-q3-2026-dollar15-billion-profit-excess-reserves-nearly-double-to)
Type: News article
Author: Searchable Editorial
Published: 31 Oct 2026
Updated: 31 Oct 2026
Retrieved: 31 Oct 2026

> USDT's issuer now holds $132.4 billion in US Treasury bills and $8.37 billion in bitcoin. What the attestation shows, and what it means if you hold USDT in Pakistan.

**Tether, the company behind the USDT stablecoin, made an operating profit of $1.5 billion in July to September 2026 and nearly doubled its excess reserves to $7.95 billion**, according to its third-quarter attestation by the accounting firm BDO, [Cointelegraph reported](https://cointelegraph.com/news/tethers-excess-reserves-nearly-double-to-8b-as-q3-profit-hits-15b). At Friday's interbank rate of about Rs 276.75 to the dollar, that quarterly profit is roughly **Rs 415 billion**.

The numbers land in a nervous week for crypto, days after the record $6.3 billion hack at Binance ([our story](/news/crypto/binance-hacked-withdrawals-paused-after-up-to-dollar57-billion-drained-dollar25)), when anyone holding USDT on an exchange is asking how safe the coin itself is.

## Tether's Q3 2026 numbers

| Item | End of June 2026 | End of September 2026 |
|---|---|---|
| Excess reserves (assets above liabilities) | $4.1 billion | **$7.95 billion** |
| Bitcoin held | about $5.8 billion | **$8.37 billion** |
| Total assets | | $191.5 billion |
| Total liabilities (mostly USDT in circulation) | | $183.5 billion |
| US Treasury bill exposure | | $132.4 billion |

- **Profit:** $1.5 billion operating profit for the quarter, and $4.5 billion for the first nine months of 2026, mostly from interest on US Treasury bills and reverse repo agreements.
- **Treasuries:** at $132.4 billion, Tether's T-bill exposure is close to South Korea's holding of US government debt ($134.2 billion in August data) and above the UAE's ($116.1 billion).
- **Market share:** USDT is about 60% of a $297.3 billion stablecoin market, according to DefiLlama.
- **Users:** chief executive Paolo Ardoino said on X that USDT has passed 700 million users, with use concentrated in emerging markets.

## What the report does and does not tell you

An attestation is a snapshot: BDO checks that the reserves Tether reports exist on the reporting date. It is not a full audit. Tether said in August that KPMG US had completed its first full independent audit of its financial statements, but those audited statements have not been made public.

The cushion matters because USDT is meant to be worth exactly $1. With $191.5 billion of assets against $183.5 billion of liabilities, Tether reports about $8 billion more than it would need to redeem every token in circulation, a margin of a little over 4%.

## If you hold USDT in Pakistan

- **The coin and the exchange are two different risks.** A strong Tether balance sheet does nothing for you if the exchange or app holding your USDT is hacked or freezes withdrawals, as Binance customers found this week.
- **Count your rupee exposure.** USDT tracks the dollar, so its value in rupees moves with the exchange rate. The [currency converter](/tools/finance/currency-converter) and our [dollar rate page](/data/usd-pkr) give today's rate, and the [bitcoin price page](/data/btc-usd) tracks the market Tether is now heavily invested in.
- **Keep records.** Note what you paid and what you sold for, in rupees and dollars, with dates; our [capital gains tax calculator](/tools/tax/capital-gains-tax-calculator) shows how a gain on an asset is worked out if you need to declare one.

## Frequently asked questions

**How much profit did Tether make in Q3 2026?**

Tether reported a $1.5 billion operating profit for July to September 2026 and $4.5 billion for the first nine months of the year, according to its BDO attestation.

## Sources

- Tether's excess reserves nearly double to $8B as Q3 profit hits $1.5B (Cointelegraph): https://cointelegraph.com/news/tethers-excess-reserves-nearly-double-to-8b-as-q3-profit-hits-15b

How to cite: "Tether Q3 2026: $1.5 billion profit, excess reserves nearly double to $7.95 billion", Searchable, 31 Oct 2026, https://searchable.pk/news/crypto/tether-q3-2026-dollar15-billion-profit-excess-reserves-nearly-double-to