Tether Posts Record Q2 Profits Amid Broader Crypto Market Decline

Tether's second-quarter performance has been impressive, with the company reporting a net profit of $1.5 billion.

This represents a significant increase from the previous quarter's profit of $1.04 billion, a 44% rise driven mainly by investments in U.S. Treasury bonds and repos.

The stablecoin issuer has also increased its physical gold holdings by 10.5%, adding 13.8 tons to reach 146 tons.

Tether CEO Paolo Ardoino described the performance as 'great' despite volatile global markets, highlighting the company's focus on the developing world and financial inclusion.