Tether USDt price stays near peg as reserves strengthen amid supply contraction
Published on 11/13/2026 at 07:01 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWSReserve strength meets liquidity pressure
- Tether reported $191.5 billion in reserve assets and $183.5 billion in liabilities as of September 30, 2026.
- The reported excess-reserve buffer rose to $7.95 billion, while direct and indirect U.S. Treasury bill holdings reached $132.4 billion.
- Investing.com displayed Tether USDt at USD 0.9990 in the reviewed snapshot, close to its intended dollar value.
- Market data cited by The Block showed a $6.6 billion USDT supply contraction over 60 days through November 7.
Tether USDt price remains close to its intended dollar value, but the latest market data point to a more complicated backdrop for the largest dollar stablecoin. The Investing.com page reviewed for this report displayed USDT at USD 0.9990, with a market capitalization of USD 175.67 billion and 24-hour volume of USD 55.63 billion. The same page showed a 52-week range of USD 0.9943 to USD 1.0032. Because the page did not provide a dated UTC closing basis, no day-over-day percentage is assigned here.
Reserve cushion expands
Tether's latest reserve disclosure covers the balance sheet as of September 30, 2026, and was published on October 30. According to the Tether announcement, total assets were USD 191.451 billion against liabilities of USD 183.496 billion. The resulting excess was USD 7.955 billion, up from USD 4.1 billion at the end of the second quarter. Direct and indirect U.S. Treasury bill holdings totaled USD 132.4 billion.
Tether also reported USD 1.5 billion in third-quarter net operating profit and USD 4.5 billion for the first nine months of 2026. The company said issuance remained broadly steady at USD 184 billion across the first three quarters. These are figures from a BDO-prepared attestation covering a specific reporting date, not a continuous measure of current supply or a full audit of every business activity.
Supply contraction changes the context
Reserve strength does not automatically mean that liquidity is expanding. The Block reported that USDT's market capitalization fell by USD 6.6 billion over the 60 days through November 7, more than twice the comparable contraction after the FTX collapse. The publication also cited a broader decline in major stablecoin supply. That distinction matters for investors: a token can remain close to its dollar target while the amount of capital available for crypto trading contracts.
The report's market context is therefore two-sided. The larger reported buffer provides more room between Tether's assets and liabilities than it had at the end of June. At the same time, declining supply may signal reduced trading liquidity or redemptions, although the supply change alone does not establish a reserve shortfall or a loss of the dollar peg.
Audit milestone and investor focus
On November 12, Tether said KPMG U.S. had completed an independent audit of TG Commodities, the issuer of its gold-backed XAUT token. The Block reported that KPMG had already issued an unqualified opinion on Tether International's 2025 accounts, announced in August. For USDT holders, the key issues remain the quality and liquidity of reserves, the transparency of reporting, and whether redemptions continue to be processed orderly as market supply changes.
Further coverage is available on the Tether USDt topic page.
