Tether generated $1.5B in profit in Q2 amid crypto market turmoil

While much of the crypto market spent Q2 2026 in various stages of distress, Tether was cashing checks. The company behind USDT reported a net operating profit of $1.5B for the quarter, up from $1.04B in Q1, according to an attestation prepared by accounting firm BDO and released on July 31, 2026. The boring business of printing money Tether’s profit engine is almost deliberately unglamorous. The company takes dollars deposited by users, issues USDT in return, and parks that collateral primarily in U.S. Treasuries and repurchase agreements. When interest rates are elevated, that model prints money with the reliability of a utility company. As of June 30, 2026, Tether held total assets of $187.75B against liabilities of $183.64B, leaving an excess reserve buffer of $4.11B. That buffer is down from $8.23B at the end of Q1, a contraction worth watching even if the headline profit number looks strong. USDT in circulation reached roughly $184.6B by the end of the quarter, giving Tether a market share exceeding 60% of the total stablecoin market. The overall stablecoin sector saw its combined market cap dip to approximately $312B during the period, meaning Tether actually grew its domina...