Tether Posts Record $1.5B Q2 Profits as USDT Dominance Continues
Tether's Q2 profits have skyrocketed to $1.5 billion, marking a 50% increase from the previous quarter. This surge in profitability is largely due to elevated yields on short-duration government debt, which continues to favor the issuer.
The company's USDT stablecoin has maintained its market dominance, capturing over 60% of total stablecoin market share despite a broader slowdown in the sector. Its user base has also reached an all-time high of 650 million users, with the strongest growth coming from emerging markets and small-balance retail wallets.
Tether added 14 metric tons of physical gold to its reserves during Q2, taking its total holdings past 146 metric tons. CEO Paolo Ardoino frames this move as a way to diversify reserves beyond dollar-denominated instruments and expand financial access for underserved populations.