Tether published its Q2 2026 attestation in late July.

The release leads with 146 tons of gold, more than most central banks hold, and $1.5B in net operating profit. The number that matters sits further down: an excess reserve buffer of $4.11B, down from $6.8B at the last report before S&P downgraded Tether to “Weak” in November.

What happened

Tether reported $1.5B in net operating profit for Q2 2026 and a $4.11B excess reserve buffer backing USDT. Gold holdings passed 146 tons, worth roughly $18.8B at recent prices near $4,000 per ounce.

For scale: the Q3 2025 attestation showed $181.2B in assets against $174.4B in liabilities, a $6.8B cushion. Full-year 2024 profit was $13B, and the first three quarters of 2025 came in above $10B.

One thing to keep straight: “net operating profit” leaves out market gains on Bitcoin and gold. Earlier profit numbers included them. So the $1.5B is roughly what the Treasury book earns on its own. That book was $135B at last count.

KPMG’s first full audit of Tether, agreed in March 2026, is still pending. Until it lands, BDO’s quarterly attestations are all we get.