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FollowingTether released astonishing data: net profit for the second quarter of 2026 was US$1.5 billion, and USDT users exceeded 650 million
This achievement is particularly prominent when the overall cryptocurrency industry is at a low point. But behind the apparent success, is there a dangerous dependence hidden?
Brief description
USDT users exceeded 650 million, driven by emerging markets to a record high. But this user growth coincided with a $7 billion decline in USDT's total market value. The large-scale adoption mainly reflects the pursuit of synthetic dollars by countries hit by inflation and monetary instability.
Tether net income of US$1.5 billion, U.S. interest rates drive record growth
Tether is no longer just a stablecoin company. In the second quarter of 2026, USDT issuers achieved net profit of US$1.5 billion, a 44% increase from US$1.04 billion in the previous quarter. This figure is enough to make most traditional banks envious. What is the secret? There is no mystery. This huge gain comes mainly from gains from U.S. Treasury bonds and repo operations-assets that make up the reserves that support the USDT. In other words, Tether lends users 'dollars to the U.S. government, earns interest, and retains the difference.
The company also increased its buffer reserve to US$4.1 billion to absorb a potential wave of mass redemptions. To diversify its dependence on the U.S. dollar, Tether increased its physical gold reserves by 10.5%, from 132.2 tons to 146 tons. In terms of adoption, the USDT user base has reached a record high: more than 650 million active wallets, with emerging markets experiencing the strongest growth. On the surface, all indicators are good. But on closer inspection, the reality is more complex.
Beneath the shine: Growth exposes the fragility of the global financial system
Here are blind spots never mentioned in Tether's triumphant press release: Record user growth coincides with a decline in USDT's total market value-which has evaporated about $7 billion since its May peak, falling back to $183.5 billion. The number of users has increased, but the size of individual wallets has shrunk-77.4% of USDT wallets today hold less than $1000. This is no coincidence. In fact, the surge in users has been concentrated in Venezuela, Bolivia, and parts of Africa-regions that have suffered from hyperinflation, currency controls, or geopolitical instability. CEO Paolo Ardoino called this "financial inclusion that has never been achieved by any company in human history." However, this praise conceals a more brutal reality: people choose the USDT not out of technical beliefs, but because they have no choice but to use it as a refuge when their currencies collapse. Coupled with the structural dependence of profits on U.S. interest rates, the problem becomes clear... Tether's prosperity was built on crises in other countries. Once the Federal Reserve cuts interest rates or these countries 'currencies stabilize, the entire growth engine could lose steam.
Tether (USDT) used the global crisis to turn currency woes into record profits. This model is perfect on paper, but it is built on a foundation that neither U.S. interest rates nor geopolitical stability can always guarantee. The question remains open: Is this true financial inclusion or calculated opportunism?
