Tether Posts Record $1.5B Net Profit Amid Reserve Buffer Surge
Tether International has published its financial results for the second quarter of this year. The issuer of the USDT stablecoin reported $1.5 billion in net operating profit, a reserve buffer of more than $4 billion, and an increase in physical gold holdings to over 146 tons.
The company's total assets stood at $187.75 billion, while liabilities were $183.64 billion. The excess reserves reached a record $4.11 billion, with the reserves primarily consisting of highly liquid assets.
Tether noted that it reduced its secured lending portfolio by about $2.38 billion, or 15%, over the quarter. Paolo Ardoino, the company's CEO, emphasized that the reserve strategy was stress-tested during significant volatility in the gold and Bitcoin markets.
The main sources of income were Tether's US Treasury portfolio and repo operations, according to Ardoino. He added that the company remains one of the largest buyers of US Treasuries and has a global user base continuing to grow.