Tether’s Reserve Buffer Doubles to $7.95B as Q3 Profit Stays Flat at $1.5B

On the same afternoon the crypto market was still working through a record $6.3 billion breach at Binance, Tether released a quieter set of numbers: its own balance sheet. The firm behind USDT, the dollar stablecoin that settles much of the industry’s trading, published its third-quarter attestation on October 30, and the figure that stands out is not profit but the cushion sitting on top of it. Excess reserves nearly doubled to $7.95 billion over the quarter, according to Tether’s release , even as quarterly operating profit held flat at $1.5 billion.