Tether Prints Cash Amid Crypto Turmoil with Record $1.5 Billion Profit

Tether's financial reports show a net operating profit of $1.5 billion in Q2, up from $1.04 billion in Q1.

This increase comes amid turmoil in the crypto market, with many companies struggling to stay profitable.

Tether's profit engine is relatively unglamorous, relying on interest rates to generate income from dollars deposited by users and parked primarily in U.S. Treasuries and repurchase agreements.

The company held total assets of $187.75 billion against liabilities of $183.64 billion as of June 30, leaving an excess reserve buffer of $4.11 billion, down from $8.23 billion at the end of Q1.