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Tether's excess reserves shed more than $4 billion as Q2 net operating profit falls to $1.5 billion

7/31/2026

More than $4 billion drained from Tether's excess-reserve buffer in the second quarter of 2026, the company's results show.

Net operating profit for the period was $1.5 billion, against $4.9 billion in net profit for Q2 2025. Year over year, that is a $3.4 billion swing in reported earnings, and both moves landed in the same quarter.

Profit comparison: two different metrics | Period | Line item | Amount | |---|---|---| | Q2 2025 | Net profit (reported) | $4.9 billion | | Q2 2026 | Net operating profit (reported) | $1.5 billion | | YoY change | | -$3.4 billion | The label shift warrants scrutiny.

Tether reported Q2 2025 earnings as "net profit" and Q2 2026 earnings as "net operating profit." Those are different income statement lines.