Tether, the largest stablecoin issuer, earned $1.5 billion in net operating profit for the second quarter of 2026. Despite the profit, the company's excess reserves dropped sharply, falling from $8.23 billion to $4.11 billion in just three months. The drop came as Tether’s asset and liability positions shifted, leaving the firm with $187.75 billion in assets and $183.64 billion in liabilities as of June 30.
Reserve changes and crypto gains
During the quarter, Tether boosted its physical gold holdings by 14 metric tons, bringing the total to 146.2 metric tons. The value of those gold reserves, however, declined by $1 billion to $18.84 billion due to a roughly 15% drop in gold prices, which fell to just over $4,000 per ounce.
Bitcoin holdings also rose, by nearly 1,800 coins to 98,933 BTC. The value of the company's BTC stash fell from $6.62 billion to $5.80 billion, as the price used in reports declined from $68,200 to $58,600.
USDT expansion and Binance
The stablecoin USDT, issued by Tether, saw a $446 million rise in issuance to $184.6 billion over the second quarter. Meanwhile, Binance continued its push into new financial markets, expanding beyond spot and derivatives trading into real-world assets, payments, and yield products. Binance is now active in RWAs, payments, savings, and broader financial services, maintaining its position as the leading cryptocurrency exchange.