According to CoinMeta, Tether achieved a net operating profit of $1.5 billion in the second quarter of 2026, but its reserve buffer decreased from $8.23 billion to $4.11 billion, a decline of 50%. Despite Tether having total assets of $187.75 billion and liabilities of $183.64 billion, this still raised doubts about its reserve strategy. Tether increased its holdings of gold and Bitcoin during that quarter, but due to the decline in the prices of gold and Bitcoin, the value of its reserves significantly diminished. The CEO Paolo Ardoino of Tether stated that, despite facing challenges, USDT still maintains full coverage, with reserves exceeding liabilities by $4.11 billion.