Bitcoin’s Rebound Drove Most of Tether’s $3.8 Billion Reserve Recovery

Dextape brief

By Dextape Desk · October 30, 2026

Stablecoin issuer Tether reported that on September 30 its reserves exceeded what it owed USDT holders by $7.95 billion, a gain of roughly $3.85 billion since late June. The figures come from its third-quarter attestation, released Friday and reviewed by accounting firm BDO. Total assets stood at $191.45 billion against $183.5 billion of liabilities, almost all of which is tokens in circulation.

Unchained's estimate credits bitcoin with most of the increase. The bitcoin price used for valuation climbed 42.6% in the quarter, reaching $83,621 from $58,642, adding about $2.47 billion on roughly 98,900 BTC. Gold rose 3.7% to $4,157.41 an ounce, adding around $700 million, though the report leaves unstated if any metal was sold. Excess reserves still sit about $278 million under the $8.23 billion reported for March's close.

Why it matters: The swing shows how much of the stablecoin backing cushion can move with bitcoin and gold prices, which matters to readers tracking reserve quality.

Mentioned: Bitcoin, Tether

Summary by Dextape, based on reporting by Unchained. Written with AI from the publisher’s text and checked automatically for copied wording and unsupported figures. Not investment advice.