Table of Contents
Last updated: September 29, 2026
Tether published its Q2 2026 Financial Figures and Reserves Report, attested by BDO Advisory Services under ISAE 3000R, covering reserves as of June 30, 2026. This Stablecoin Insider update replaces our older February 2026 monthly trading snapshot with the latest attested reserve figures so readers can track how USDT is backed today. For broader market context, see our stablecoin statistics for 2026 and USDT vs USDC comparison.
According to Tether’s July 31, 2026 release (Tether Q2 2026 announcement) and the accompanying BDO-attested report (Financial Figures and Reserves Report as of 30 June 2026), total assets were US$187,751,426,411 against total liabilities of US$183,641,897,215, leaving an excess reserve buffer of US$4,109,529,196.
Key Takeaways
- Assets totaled $187.75B as of June 30, 2026 (BDO-attested reserves report).
- Liabilities were $183.64B, of which $183.62B related to digital tokens issued (reserves report).
- Excess reserves stood at $4.11B; cash and cash equivalents were about $140.64B, or ~75% of reserves (asset breakdown).
- Precious metals (LBMA gold) were valued at $18.84B and Bitcoin at $5.80B (reserves report).
- Net operating profit for the quarter was about $1.50B; USD₮ tokens issued were about $184.6B with Tether citing over 60% market share (Tether).
Q2 2026 Attested Headline Figures
Management asserted the following as of June 30, 2026 at 11:59 PM UTC, and BDO provided a reasonable-assurance opinion on those figures (BDO opinion):
| Metric | Value (USD) |
|---|---|
| Total assets (reserves) | $187,751,426,411 |
| Total liabilities | $183,641,897,215 |
| - of which digital tokens issued | $183,622,105,630 |
| Excess reserves (assets - liabilities) | $4,109,529,196 |
| Gross contractual redemption value of tokens issued | $184,588,527,295 |
Tether also reported that USD₮ issuance finished the quarter about $446 million higher than at the end of Q1, even as the broader stablecoin market capitalization declined (Tether). Daily circulation and transparency metrics continue to update on Tether’s Transparency page.
Reserve Composition as of June 30, 2026
The attested asset breakdown from the reserves report is as follows (reserves report):
| Category | Value (USD) | Share of assets |
|---|---|---|
| U.S. Treasury Bills | $114,960,963,604 | 61.2% |
| Overnight reverse repurchase agreements | $18,625,552,412 | 9.9% |
| Term reverse repurchase agreements | $6,993,428,950 | 3.7% |
| Non-U.S. Treasury Bills | $22,374,689 | <0.1% |
| Cash and bank deposits | $40,307,440 | <0.1% |
| Subtotal: cash & cash equivalents | $140,642,627,095 | 74.9% |
| Corporate bonds | $8,711,171 | <0.1% |
| Precious metals (LBMA gold) | $18,838,357,171 | 10.0% |
| Bitcoin | $5,801,630,681 | 3.1% |
| Public equities | $3,761,438,892 | 2.0% |
| Other investments | $5,244,911,675 | 2.8% |
| Secured loans | $13,453,749,726 | 7.2% |
| Total assets | $187,751,426,411 | 100% |
Precious metals were valued using an XAU price of $4,008.02 per ounce (Bloomberg close on June 30, 2026). Bitcoin was marked at $58,642.15 per BTC on the same date (report footnotes). Tether’s press release said the company added 14 tons of physical gold during the quarter and held more than 146 tons overall (Tether).
What Changed vs Prior Quarters
Compared with the December 31, 2025 comparative column in the same report, total assets moved from about $192.88B to $187.75B, while equity (excess reserves) moved from about $6.34B to $4.11B (comparative figures). Tether attributed the buffer change in part to mark-to-market pressure on gold and Bitcoin during the quarter, even as net operating profit reached about $1.50B (Tether).
Secured lending exposure was reduced by approximately $2.38B, or about 15%, during Q2 (Tether). Cash-equivalent exposure remains concentrated in short-duration U.S. government-backed instruments and reverse repos with residual average maturities under 90 days for the T-bill and term-repo lines (accounting notes).
How to Read the Attestation
BDO’s engagement is a reasonable-assurance opinion under ISAE 3000R on the Financial Figures and Reserves Report as of a single point in time (June 30, 2026). It is not a full independent financial-statement audit under U.S. GAAP. The opinion emphasizes that valuations assume normal trading conditions and that one civil litigation matter remains without a recognized provision (BDO emphasis of matter).
- Point-in-time only: no assurance for dates other than June 30, 2026.
- Notes section: BDO explicitly did not assure the narrative Notes.
- Going concern and liquidity judgments remain management’s responsibility.
- Token liabilities are refund liabilities repayable on demand at contractual redemption value (IFRS 9).
Tether has separately said a Big Four firm is engaged for a full financial-statement audit process; that work is distinct from this quarterly BDO attestation (Tether).
Why This Matters for USDT Users
USDT remains the largest dollar stablecoin by circulating supply and a primary quote asset across centralized exchanges and many DeFi venues. For treasurers, market makers, and payment operators, the attested mix matters more than the headline market cap:
- Liquidity: about three-quarters of assets sit in cash equivalents dominated by short-dated U.S. T-bills and reverse repos (asset breakdown).
- Concentration risk: gold and Bitcoin introduce mark-to-market volatility into the excess buffer, as Q2 showed (Tether).
- Credit exposure: secured loans are over-collateralized per the report’s policies, but they are not cash (accounting notes).
- Transparency cadence: daily circulation figures on tether.to/transparency plus quarterly BDO attestations.
Methodology and Sources
All dollar figures in the tables above are taken from Tether International, S.A. de C.V.’s Financial Figures and Reserves Report as of 30 June 2026 and BDO’s ISAE 3000R assurance opinion dated Milan, 31 July 2026 (full PDF). Narrative context on profit, market share, gold tonnage, and secured-loan reduction comes from Tether’s July 31, 2026 public announcement (press release). Share-of-assets percentages are calculated from the attested category totals.
Conclusion
As of the Q2 2026 attestation, USDT was backed by $187.75B in reserves against $183.64B in liabilities, a $4.11B surplus (reserves report). Cash equivalents still dominate, gold and Bitcoin remain material non-cash holdings, and BDO’s reasonable-assurance opinion confirms the June 30 point-in-time snapshot. We will refresh this page again when the next quarterly attestation is published.
FAQ
What is the latest Tether reserves attestation?
The latest BDO-attested Financial Figures and Reserves Report covers June 30, 2026 (Q2 2026) and was published with Tether’s July 31, 2026 announcement (Tether, PDF).
How much excess reserves did Tether report in Q2 2026?
Assets exceeded liabilities by US$4,109,529,196 as of June 30, 2026 (reserves report).
What share of USDT reserves is in U.S. Treasuries and cash equivalents?
Cash and cash equivalents totaled $140.64B, including $114.96B in U.S. Treasury Bills - about 75% of total assets (asset breakdown).
Does this replace the February 2026 USDT monthly report?
Yes. This page previously covered February 2026 trading volume and peg data. It now tracks the latest attested reserves month (June / Q2 2026). The URL slug is unchanged for continuity; the title and body reflect the current attestation.
