Tether Surpasses $1.5B Q2 Profit on US Treasury Holdings

Tether, the issuer of the popular stablecoin USDT, has reported a significant increase in profits for the second quarter. The company generated a net operating profit of $1.5 billion, driven primarily by interest earned on US Treasury holdings and repurchase agreements.

This boost to earnings comes as the broader crypto market remains under pressure. Despite this, Tether's circulating supply of USDt increased by $446 million during the quarter to $184.6 billion, allowing it to maintain more than 60% of the global stablecoin market.

The company's reserve buffer now stands at $4.11 billion as of June 30, indicating that its assets exceed liabilities by this amount.