Tether Q3: $1.5B in net profit, excess reserves nearly double to about $7.95B
Tether published its BDO attestation report on its website on 10/30: Q3 net operating profit was $1.5B, unchanged from Q2; cumulative profit for the first three quarters of 2026 was about $4.5B. As of September 30, total assets were about $191.45B, liabilities about $183.5B, and excess reserves about $7.955B—nearly double the roughly $4.1B at the end of Q2. USDT in circulation remained broadly stable at about $184B. Direct and indirect holdings of U.S. Treasuries totaled about $132.4B, with revenue mainly from short-term U.S. Treasuries and reverse repos (Tether website/CryptoBriefing/CoinTelegraph).
【Viewpoint】
Following Binance's roughly $6.3B hot-wallet incident and a sell-off in tech stocks, the size of stablecoin issuers' safety cushions has become a focus. Rising excess reserves indicate that Tether is continuing to build a buffer amid volatility, but they also remind the market that USDT is now deeply tied to U.S. Treasury liquidity, meaning macro interest rates and redemption pressure can both have an impact.
【Opportunities/Risks】
Watch whether USDT maintains its tight peg over the weekend and whether excess reserves continue to grow. If panic subsides, a recovery in idle funds on stablecoin blockchains could signal a rebound in risk appetite. Conversely, CEX deposits and withdrawals, along with large redemptions, remain short-term risk barometers.
Which matters more to you: the size of stablecoins' excess reserves, or their ability to process redemptions in real time on-chain?
#稳定币 #加密新闻 #宏观流动性 $USDT $BTC
For reference only; this does not constitute investment advice.
Tether published its BDO attestation report on its website on 10/30: Q3 net operating profit was $1.5B, unchanged from Q2; cumulative profit for the first three quarters of 2026 was about $4.5B. As of September 30, total assets were about $191.45B, liabilities about $183.5B, and excess reserves about $7.955B—nearly double the roughly $4.1B at the end of Q2. USDT in circulation remained broadly stable at about $184B. Direct and indirect holdings of U.S. Treasuries totaled about $132.4B, with revenue mainly from short-term U.S. Treasuries and reverse repos (Tether website/CryptoBriefing/CoinTelegraph).
【Viewpoint】
Following Binance's roughly $6.3B hot-wallet incident and a sell-off in tech stocks, the size of stablecoin issuers' safety cushions has become a focus. Rising excess reserves indicate that Tether is continuing to build a buffer amid volatility, but they also remind the market that USDT is now deeply tied to U.S. Treasury liquidity, meaning macro interest rates and redemption pressure can both have an impact.
【Opportunities/Risks】
Watch whether USDT maintains its tight peg over the weekend and whether excess reserves continue to grow. If panic subsides, a recovery in idle funds on stablecoin blockchains could signal a rebound in risk appetite. Conversely, CEX deposits and withdrawals, along with large redemptions, remain short-term risk barometers.
Which matters more to you: the size of stablecoins' excess reserves, or their ability to process redemptions in real time on-chain?
#稳定币 #加密新闻 #宏观流动性 $USDT $BTC
For reference only; this does not constitute investment advice.
