Tether has released its Q3 2026 attestation report, audited by BDO, showing a net operating profit of $1.5 billion for the quarter, largely consistent with the previous quarter. Total profit for the first nine months reached $4.5 billion, primarily driven by U.S. Treasury bills and reverse repurchase agreements. As of September 30, Tether's excess reserves nearly doubled from $4.1 billion at the end of Q2 to $7.95 billion. USDT circulation is approximately $184 billion, with total reserve assets at $191.5 billion and liabilities at $183.5 billion. Total direct and indirect holdings of U.S. Treasury bills amounted to $132.4 billion.