Tether International, S.A. de C.V., today published its attestation for Q2 of 2026, prepared by BDO, a top-five global independent accounting firm. The report confirms the accuracy of Tether’s Financial Figures and Reserves Report and provides an overview of the assets backing USD₮ as of June 30, 2026.

USD₮ issuance increased, with approximately $184.6 billion in tokens issued at the end of Q2, around $446 million higher than at the end of Q1 despite a decrease in the industry’s total market cap. USD₮’s resilience extended its market share to over 60% of the total stablecoin market. The results demonstrate the strength and resilience of Tether’s reserve strategy through significant volatility across gold and Bitcoin. 

Tether’s reserves continue to be centered on short-duration, high-quality liquid assets. Its net operating profit, led by U.S. Treasury and repo, reached approximately $1.50 billion for the quarter. The majority of reserves remain in U.S. government-backed instruments and short-term liquidity facilities, providing the liquidity needed to manage redemptions across different market conditions. As a result, the Company remained one of the world’s largest buyers and holders of U.S. Treasuries.

At the end of the quarter, Tether’s reserves exceeded its liabilities by approximately $4.11 billion, demonstrating the resilience of the Company’s reserve structure through sharp market volatility. Tether also reduced its secured lending exposure by approximately $2.38 billion (15%).

The Management of the Company asserts the following as of June 30, 2026:

• The Company’s total assets amount to US$ 187,751,426,411
• The Company’s total liabilities amount to US$ 183,641,897,215, of which US$ 183,622,105,630 relate to digital tokens issued
• The Company’s assets exceed its liabilities by US$4,109,529,196

“Q2 demonstrated the strength of Tether’s reserve strategy under real market pressure,” said Paolo Ardoino, CEO of Tether. “The assets that back some of Tether’s reserves were tested directly during the quarter. Through all of the volatility, USD₮ remained fully backed with our reserves still exceeding liabilities by $4.11 billion. Our net operating profit for the quarter was $1.50 billion, led by a strong U.S Treasury portfolio and repo performance. We remained one of the world’s largest buyers of U.S. Treasuries, reduced secured lending by $2.38 billion, and added 14 tons of physical gold. At the same time, our global user base continued to grow by more than 30 million users. These results show that Tether has the liquidity, discipline, and scale to remain resilient across market cycles while continuing to serve hundreds of millions of users around the world.”

USD₮ continues to serve as financial infrastructure for people and businesses across global markets. Tether remains focused on maintaining a liquid and diversified reserve structure capable of supporting that demand at scale. During the quarter, the Big Four audit process continued alongside the development of Tether’s broader technology and financial infrastructure ecosystem.

For more information, please refer to the latest Financial Figures and Reserves Report here