Overview
Quarterly BDO-attested look at tether / usdt reserves, profits, and composition — Q2 2026 highlights strong operating profit alongside halved excess buffer.
Timeline
- 2026-07-31: Q2 attestation — 4.11B excess (2026-08-01-tether-q2-1-5b-profit-reserve-buffer)
Key Players
- tether
- paolo-ardoino
- circle (regulatory contrast)
Analysis
Dual narrative (profit vs buffer compression) is the signal. Contrast with circle NYDFS charter track without merging stories.