Tether Sees Excess Reserves Plunge by US$4.1 Billion in Q2

Tether's excess reserves took a significant hit in the second quarter of this year. The company reported a reduction of US$4.1 billion compared to the previous period, bringing down its cumulative financial result to a negative balance of US$3.2 billion.

At the end of the first quarter, Tether's assets exceeded its liabilities by US$8.2 billion. However, three months later, this difference had declined to US$4.1 billion, indicating a sharp drop in excess reserves.

The company highlighted net operating profit of US$1.5 billion during the period, but noted that this indicator does not consider unrealized gains or losses caused by fluctuations in asset values.

Tether's exposure to Bitcoin decreased in value during the quarter, falling from US$6.6 billion to US$5.8 billion, following the cryptocurrency's depreciation.