Tether reports a larger reserve cushion. The date on the cushion matters.

Tether's 30 October release reports $1.5 billion of third-quarter net operating profit and a $7.95 billion excess-reserve buffer, up from $4.1 billion at the end of June. The figures accompany a BDO attestation covering 30 September, not a live view of today's reserves.

The issuer reports roughly $191.5 billion in assets against $183.5 billion in liabilities. Direct and indirect US Treasury-bill holdings totalled $132.4 billion. Treasury bills and reverse-repurchase arrangements supplied most operating income, according to the company.

The buffer is the amount by which reported assets exceed liabilities. It is different from quarterly profit, so the two figures should not be added together as though both were spare cash accumulated during the same period. The release describes USDT issuance as broadly stable near $184 billion across the first three quarters.

For readers assessing a stablecoin, the useful questions include what backs it, when that measurement was taken and how redemption works. A dated reserve attestation offers evidence about a particular reporting point; it does not establish that every holder can exit instantly under every market condition.