US government debt remains the centre of the reserve portfolio
The report lists $122.84 billion in direct US Treasury bills and about $132.4 billion in total Treasury exposure when indirect holdings are included. Cash and cash equivalents fell from $140.64 billion at the end of the second quarter to $139.58 billion.
The composition still places liquidity ahead of higher-yielding assets, but the quarter-to-quarter decline separates the total reserve value from the smaller amount held in cash-like instruments.
Gold and Bitcoin helped expand the buffer
Gold holdings were valued at $19.08 billion and Bitcoin at $8.37 billion, up from $5.80 billion in the previous quarter. The excess reserve buffer increased from about $4.11 billion to $7.95 billion.
Changes in the market value of Bitcoin and gold contributed materially to that increase, so the larger buffer did not come from operating profit alone and partly depends on asset prices at the reporting date.
| Reserve measure | 30 September 2026 |
|---|---|
| Total assets | $191.45bn |
| Liabilities | $183.50bn |
| Excess reserves | $7.95bn |
| Reported coverage | 104.34% |
| Direct US Treasury bills | $122.84bn |
| Total Treasury exposure | $132.4bn |
| Cash and cash equivalents | $139.58bn |
| Gold | $19.08bn |
| Bitcoin | $8.37bn |
Two profit figures describe different measures
Tether said net operating profit was about $4.5 billion for the first nine months of 2026, including $1.5 billion in the third quarter. The separate BDO assurance document reports a $1.66 billion quarterly financial result without a reconciliation that would make the measures directly interchangeable.
Using the figures together therefore requires care. One is a company statement for nine months; the other belongs to the quarterly reserve report and its defined accounting scope.
An attestation is narrower than a full audit
BDO performed a reasonable assurance engagement under ISAE 3000 on the consolidated reserves report dated 30 September. It is a point-in-time quarterly attestation, not the same procedure as the full financial-statement audit Tether said KPMG began in 2025.
BDO did not provide an opinion on how the reserve portfolio would behave under a severe liquidity stress. The document supports the reported balances at the stated date, while users still need to consider market, custody and redemption risks separately.
This article is for information only and is not investment advice.
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