The company summarized the financial results of the second quarter
The issuer of the world's largest stablecoin USDT has published an official report on the results of operations for the second quarter of 2026. The founder of the company, Paolo Ardoino, said that Tether's net operating income for the quarter was approximately $1.5 billion.
The company achieved this result despite the high volatility of global financial markets and the instability of the cryptocurrency sector.
The main profit is not the crypto market
Although Tether operates in the field of digital assets, its main source of income is in the traditional financial system.
When users buy USDT, the company receives dollar funds that it places in highly liquid financial instruments. The largest part of the reserves is made up short-term US Treasury bonds, as well as operations Repo, which allow you to receive stable interest income.
It is the high interest rates of the US Federal Reserve System in recent years that have made this business model extremely profitable. As long as user funds are in reserves, the company actually receives passive income from government securities.
USDT continues to grow strongly
According to the company, as of June 30, 2026 was in circulation for about 184.6 billion USDT tokens.
This confirms Tether's status as the largest stablecoin in the world and one of the key tools for trading cryptocurrencies, international transfers and preserving the value of digital assets.
At the same time, the company reported on the further growth of the user base.
The number of USDT users has exceeded 650 million people, which became a new historical high for the company.
USDT is spreading the fastest in developing countries
Tether notes that the most active use of the stablecoin today is observed precisely in developing markets.
In many countries with high inflation or unstable national currency, users are increasingly using USDT as an alternative way to store savings and make international payments.
In addition, geopolitical instability, currency restrictions and the development of digital financial services contribute to the popularity of stablecoin.
The company claims to have full reserves
One of the key indicators of the report was information on the company's reserves.
According to Paolo Ardoino, all issued USDT tokens are fully backed by liquid assets, and the company has more than the required level of security about $4.1 billion in excess reserves.
Such reserves, according to Tether management, act as an additional financial safety cushion in the event of a sharp increase in stablecoin redemption volumes or other market shocks.
The question of an independent audit remains open
Despite positive financial indicators, the issue of transparency of Tether reserves continues to cause discussions among crypto market participants.
The company publishes regularly attestations of their reserves, which confirm their status on a specific date.
However, a full-fledged independent audit from one of the so-called international auditing companies Big Four Tether still hasn't passed.
That is why some experts continue to call on the company for greater transparency, considering a full audit an important step to strengthen trust in the world's largest stablecoin.
USDT remains one of the key instruments of the global cryptocurrency market. A significant part of exchange operations, international transfers and settlements between traders passes through it.
Tether's stable profits demonstrate that the business model of stablecoin issuers is increasingly approaching that of traditional financial institutions. The company actually combines digital assets with classic investment instruments, receiving its main income from US government securities, rather than from fees in the crypto industry.
Further growth of USDT volume, increase in the number of users and accumulation of reserves can strengthen the position of Tether in the global financial market. At the same time, the issue of independent verification of reserves and the level of transparency of the company's activities will probably remain one of the main subjects of attention of both regulators and investors.
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