Tether’s gold pile grows while its safety buffer shrinks

Tether published its Q2 2026 attestation in late July.

The release leads with 146 tons of gold, more than most central banks hold, and $1.5B in net operating profit. The number that matters sits further down: an excess reserve buffer of $4.11B, down from $6.8B at the last report before S&P downgraded Tether to “Weak” in November.

Tether reported $1.5B in net operating profit for Q2 2026 and a $4.11B excess reserve buffer backing USDT. Gold holdings passed 146 tons, worth roughly $18.8B at recent prices near $4,000 per ounce.