Tether books $1.5 billion profit in Q2 2026 and reaches 650 million users

Tether has announced its figures for the second quarter of 2026. The issuer of the USDT stablecoin recorded a net profit of approximately $1.5 billion and now counts more than 650 million users worldwide, a new record. Wallets with a balance between $1 and $1.000 consist of 77.4% USDT holders, compared with 22.6% for all other stablecoins combined.

Since the introduction of MiCA, USDT stablecoins are no longer compliant in Europe.

In brief:

• Tether achieves a net profit of approximately $1.5 billion in Q2 2026, despite turbulent markets.
• The number of USDT users rises to more than 650 million, particularly in emerging markets.
• The total amount of outstanding USDT stands at $184.6 billion, with $4.1 billion in additional reserves on top of the full coverage.

Record figures for Tether in a volatile quarter

Despite globally unsettled markets, Tether closed the second quarter of 2026 with strong results. Net profit for the quarter comes to approximately $1.5 billion. That is striking, because the crypto market experienced a broad downturn in the first half of 2026, as previously shown by research from Binance Research.

As of 30 June 2026, a total of $184.6 billion in USDT is in circulation. On top of that, Tether holds $4.1 billion in additional reserves, in addition to the full coverage in liquid assets that already backs all issued tokens. CEO Paolo Ardoino says these figures demonstrate that Tether has the liquidity and scale to continue operating stably through different market conditions.

USDT dominates in small wallets and emerging markets

The USDT user base is growing fastest in emerging markets. Ardoino attributes this to persistent geopolitical uncertainty, which leads people in developing countries to increasingly choose a digital dollar as an alternative to their local currency. The total number of users now exceeds 650 million, a new high for the platform.

The chart Tether publishes based on data from Chainalysis and Artemis shows that USDT accounts for 77.4% of all stablecoin wallets with a balance between $1 and $1.000. All other stablecoins combined do not get beyond 22.6%. That difference illustrates how dominant USDT is among smaller, retail users in countries where access to the traditional banking system is limited.