Tether has released its latest reserve report as of June 30, 2026.
After reading it, the biggest takeaway is:
Tether is becoming less like a stablecoin company and more like a global financial institution.
A few key figures:
1\USDT supply reached $184.6 billion, with a market share of over 60%;
2\Net operating profit is about $1.5 billion, mainly from U.S. Treasury holdings and repurchase (repo) businesses;
3\Total assets are $187.751 billion, and total liabilities are $183.642 billion;
4\Assets exceed liabilities by about $4.11 billion;
5\New users worldwide added more than 30 million.
At the same time, Tether continues to adjust its asset allocation:
1\Secured loan exposure decreased by $2.38 billion, a drop of about 15%;
2\It increased its holdings by 14 tons of physical gold, bringing total gold reserves to over 146 tons.
Tether CEO Paolo Ardoino said that even if the gold and Bitcoin markets experience significant volatility, USDT still maintains 100% reserve backing, and the company continues to advance its audit work involving the four major accounting firms.
Why is Tether becoming harder to understand?
Because its business model is increasingly not like an internet company.
Many people think Tether’s revenue comes from issuing USDT.
But in reality, USDT is more like the entry point—the real money is made by the asset management capabilities behind it.
When users hold USDT, Tether allocates a large portion of its reserves into interest-bearing assets such as U.S. Treasuries and repurchase agreements to generate steady interest income.
As the scale of USDT issuance keeps expanding, this model is entering a virtuous cycle:
The larger the issuance scale → more assets available to allocate → higher interest income → stronger profitability.
So now, when you look at Tether, it is no longer just the world’s largest stablecoin issuer.
It is more like a global financial institution managing nearly $190 billion in assets, serving tens of millions of users, and continuously generating cash flow.
Perhaps this is also why more and more people are starting to reassess Tether.
It sells USDT, but it runs a global business in dollar asset management.
After reading it, the biggest takeaway is:
Tether is becoming less like a stablecoin company and more like a global financial institution.
A few key figures:
1\USDT supply reached $184.6 billion, with a market share of over 60%;
2\Net operating profit is about $1.5 billion, mainly from U.S. Treasury holdings and repurchase (repo) businesses;
3\Total assets are $187.751 billion, and total liabilities are $183.642 billion;
4\Assets exceed liabilities by about $4.11 billion;
5\New users worldwide added more than 30 million.
At the same time, Tether continues to adjust its asset allocation:
1\Secured loan exposure decreased by $2.38 billion, a drop of about 15%;
2\It increased its holdings by 14 tons of physical gold, bringing total gold reserves to over 146 tons.
Tether CEO Paolo Ardoino said that even if the gold and Bitcoin markets experience significant volatility, USDT still maintains 100% reserve backing, and the company continues to advance its audit work involving the four major accounting firms.
Why is Tether becoming harder to understand?
Because its business model is increasingly not like an internet company.
Many people think Tether’s revenue comes from issuing USDT.
But in reality, USDT is more like the entry point—the real money is made by the asset management capabilities behind it.
When users hold USDT, Tether allocates a large portion of its reserves into interest-bearing assets such as U.S. Treasuries and repurchase agreements to generate steady interest income.
As the scale of USDT issuance keeps expanding, this model is entering a virtuous cycle:
The larger the issuance scale → more assets available to allocate → higher interest income → stronger profitability.
So now, when you look at Tether, it is no longer just the world’s largest stablecoin issuer.
It is more like a global financial institution managing nearly $190 billion in assets, serving tens of millions of users, and continuously generating cash flow.
Perhaps this is also why more and more people are starting to reassess Tether.
It sells USDT, but it runs a global business in dollar asset management.