Tether’s Q3 Attestation Shows $1.5B Profit and a Nearly $8B Buffer

Tether International, S.A. de C.V. on October 30, 2026 published its attestation for the third quarter of 2026, prepared by BDO, covering the company’s Financial Figures and Reserves Report as of September 30, 2026 and the composition of the reserves backing USD₮. Tether reported $1.5 billion in net operating profit for the third quarter and $4.5 billion across the first three quarters of 2026, and said U.S. Treasury bills and reverse repurchase agreements continued to provide most of that income. The company said its reserve buffer nearly doubled to $7.95 billion from $4.1 billion at the end of the second quarter, an increase it put at $3.8 billion, while total reserve assets stood at $191.5 billion at quarter-end.

The company’s management asserts that, as of September 30, 2026, total assets amount to US$191,451,091,374 and total liabilities amount to US$183,496,460,904, of which US$183,469,787,261 relates to digital tokens issued, and that the company’s assets exceed its liabilities by US$7,954,630,470. Tether said USD₮ issuance held broadly steady at $184 billion across the first three quarters of 2026 despite market volatility, and that its direct and indirect holdings of U.S. Treasury bills total $132.4 billion. The quarterly profit figure was consistent with the previous quarter, according to the company.

“Our responsibility is to make sure USD₮ remains dependable when people need it most, including when markets and financial systems come under pressure,” Paolo Ardoino, CEO of Tether, said in the announcement. “Generating $1.5 billion in net operating profit while maintaining nearly $8.0 billion in excess reserves gives us a strong foundation for that work.”

Reserve Composition

The Financial Figures and Reserves Report treats all assets owned by the company as reserves backing the fiat-denominated Tether tokens in circulation, including assets held in excess of those required to meet applicable regulatory reserve and liquidity requirements. The breakdown of those reserves at the reporting date is as follows:

Within the cash category, U.S. Treasury bills accounted for US$122,839,738,995, overnight reverse repurchase agreements for US$9,518,706,336, term reverse repurchase agreements for US$7,177,537,907, non-U.S. Treasury bills for US$21,981,521, and cash and bank deposits for US$20,427,407. The U.S. Treasury bills in the portfolio have a weighted average maturity of less than 90 days, and the overnight reverse repurchase agreements were collateralized by U.S. Treasuries with a fair value of US$9,509,369,481 at the reporting date. Precious metals holdings consist of LBMA standard physical gold bars owned by the company, valued using an XAU price of US$4,157.41 per ounce, and bitcoin holdings were valued using a price of US$83,621.23 per bitcoin, in each case the closing price published by Bloomberg on September 30, 2026. The public equities category comprises indirect gold, bitcoin, and other asset exposure traded on active markets, while the secured loans category comprises loans over-collateralized by assets and subject to margin call and liquidation mechanisms designed to maintain collateral coverage.

The report states that the gross contractual redemption value of all digital tokens issued was US$183,790,989,029, while US$321,887,842 of digital tokens were held by the company outside its treasury wallet. Tokens in the treasury wallet are authorized but not yet issued and are not considered liabilities.

Net equity stood at US$7,955 million as of September 30, 2026, against US$6,814 million as of December 31, 2025, with the movement reflecting a financial result of US$1,660 million and net capital movements of negative US$519 million during the period, according to the report’s change-in-equity table. Comparative figures show total assets of US$193,458 million and total liabilities of US$186,644 million as of December 31, 2025. The report notes that the company’s 2025 financial statements were audited and approved by the Shareholders’ Meeting on August 13, 2026, and that equity as of December 31, 2025 in those audited statements differs from the opening equity previously presented in the 2026 reports, principally reflecting the accounting policies and presentation applied in the audited financial statements. Management aligned the accounting policies in the current report with those applied in the audited statements.

Assurance Opinion and Scope

BDO Advisory Services S.r.l., engaged by Tether Global Investments Fund SICAF SA, performed a reasonable assurance engagement on the report in accordance with International Standard on Assurance Engagements 3000 (Revised). In its opinion, dated Milan, October 30, 2026 and signed by partners Simone Del Bianco and Jacopo Mozzana, BDO concluded that the report is, in all material respects, fairly presented in accordance with the criteria, including Management’s Key Accounting Policies, set out therein. Procedures performed included obtaining confirmation letters directly from banks and depositaries, inventory and quality testing of precious metals on a sample basis, verification of reconciliations between the company’s accounting records and the ledgers on the various blockchains relating to assets and liabilities as of September 30, 2026, and verification of collateral for a sample of outstanding secured loans.

BDO’s opinion is limited solely to the report and the corresponding total assets and total liabilities as of September 30, 2026 at 11:59 PM UTC, with no assurance provided for any other date or time, and the Notes to the report were not subject to the engagement. The report is prepared by the Board of Directors for transparency purposes and is not the company’s financial statements; it applies IFRS recognition and measurement principles but does not contain sufficient information to comply with IFRS.

In emphasis-of-matter paragraphs, BDO noted that the Board applied a going-concern basis of accounting and that it provides no assurance on that assessment; that asset valuation is based on normal trading conditions and does not reflect unexpected or extraordinary market conditions; and that no provision for expected credit losses was identified by management at the reporting date. BDO also noted that the company is a defendant in one civil litigation proceeding, a class action in the courts of New York alleging a variety of claims relating to the drop in the price of bitcoin in 2017 and 2018, for which no provision is recognized because the outcome cannot yet be reasonably and reliably estimated. BDO stated its opinion is not modified in respect of these matters. The Board of Directors authorized and approved the report on October 30, 2026, and it was signed on behalf of the Board by Giancarlo Devasini as Chairman.

Notes to the report state that Tether International is an El Salvador Sociedad Anónima de Capital Variable, registered as a Money Services Business with the Financial Crimes Enforcement Network of the U.S. Department of the Treasury, and that following its relocation to El Salvador it reports to the Financial Investigation Unit of El Salvador. The company is an authorized Stablecoin Issuer and Digital Assets Service Provider under the Digital Asset Issuance Law of El Salvador and is subject to regulatory requirements specified by the National Commission of Digital Assets. According to the Notes, Tether tokens are available on 13 discrete blockchains: Ethereum (ETH ), Tron (TRX ), Ton, Liquid, Solana (SOL ), Avalanche, Tezos (XTZ ), Near, Cosmos (ATOM ), Celo, Kaia, Aptos (APT ), and Polkadot (DOT ) Asset Hub. The company ceased to be obligated to accept redemption of remaining USD₮ on the Kusama (KSM ), Bitcoin Cash (BCH ) SLP, Omni, EOS and Algorand (ALGO ) blockchains on September 1, 2025, and of all remaining EUR₮ on November 27, 2025; on February 20, 2026 it announced that, effective February 20, 2027, it will no longer be obligated to accept redemptions of CNH₮.