Tether, the world's largest stablecoin issuer, achieved approximately $1.5 billion in net operating profit in Q2 2026, a nearly 50% increase from $1.04 billion in Q1. Despite strong profit growth, its excess reserves decreased by 50% in the same quarter, falling from $8.23 billion in Q1 to $4.11 billion. Tether stated that all USDT remains fully backed and the decline in reserves does not affect solvency. As of the end of June, Tether's total assets stood at $187.75 billion, with liabilities at $183.64 billion. The company also disclosed holding 98,933 Bitcoin (worth approximately $5.8 billion at current prices) and increased its holdings by 1,796 Bitcoin and 14 tons of physical gold during the quarter, bringing its total gold holdings to over 146 tons.