Tether Made $4.5 Billion in 2026, Yet Its Bitcoin Pile Now Outweighs USDT's Safety Net

Stablecoin issuer Tether's third-quarter 2026 attestation reported $4.5 billion in earnings for the first nine months, while the $7.95 billion cushion protecting USDT holders was smaller than the $8.37 billion of Bitcoin. The BDO-prepared attestation showed the cushion nearly doubled from $4.11 billion three months earlier but grew $1.66 billion over nine months once gold and Bitcoin moves were included; operating profit excludes those moves and comes mainly from interest on $132.4 billion in Treasury bills and reverse repos. Gold and Bitcoin total $27.45 billion, and BeInCrypto calculated a 29% combined drop would erase the buffer. S&P Global Ratings cut USDT to lowest stability score, weak, in November 2025, citing Bitcoin exposure above the buffer and undisclosed custodians and counterparties.