Tether reported Q3 2026 net operating profit of $1.5 billion, unchanged from the previous quarter, bringing its cumulative nine-month profit to $4.5 billion. The stablecoin issuer's total assets reached approximately $191.5 billion against liabilities of $183.5 billion as of September 30, leaving excess reserves of roughly $7.955 billion — nearly double the $4.1 billion recorded at the end of Q2. U.S. Treasuries and reverse repurchase agreements remained Tether's primary revenue sources, with direct and indirect Treasury exposure totaling $132.4 billion by quarter-end. USDT issuance held steady at approximately $184 billion throughout the period. The quarterly attestation report was prepared by BDO, one of the world's top five accounting firms.