Definition
The surplus of a stablecoin issuer’s attested assets over token liabilities. A key solvency/confidence metric distinct from operating profit.
Key Points
- Tether Q2 2026: Excess reserves ~187.75B − liabilities 8.23B in Q1
- Compression can coexist with strong operating profit when mark-to-market / outflows hit reserve assets
Warning
Halved buffer is not insolvency by itself — report with full A/L context; avoid depeg speculation without sources.