Tether International has published its Q2 2026 attestation for its stablecoin, prepared by BDO Advisory Services. While the accompanying announcement highlighted $1.5 billion in “net operating profit,” the attestation tells a markedly different story. Despite that profit, Tether’s total financial result for Q2 was a loss of approximately $4.2 billion, halving the company’s reserve buffer from $8.2 billion to $4.1 billion in a single quarter.
Adding back that $1.5 billion in operating profit, primarily interest earned on Treasuries, repo and secured lending, means total non operating losses during the quarter amounted to roughly $5.7 billion. The price of bitcoin and gold both dropped around 14% during the quarter. Based on Tether’s holdings, we estimate that gold, bitcoin and related equity positions (see below) lost roughly $4 billion in value. That still leaves around $1.5 billion in losses unaccounted for.
Which begs the question: what is the source that $1.5 billion or so of losses? We asked Tether but didn’t get a response in time for publication.
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