Tether's Reserve Buffer Plummets Amid Profits

Tether's Q2 profits came in at $1.5 billion, driven by returns from US Treasury holdings and repurchase agreements.

The company's excess reserves fell to $4.11 billion after reaching a record high of $8.23 billion in the first quarter, a decline of 50% in three months.

Tether's gold holdings increased by 14 tons, but the value of these holdings declined due to a 15% drop in gold prices from just over $68,000 per ounce at the start of Q2 to around $58,600 by its end.

The company also saw a decline in the value of its Bitcoin holdings, which fell from $6.62 billion to $5.80 billion due to a 15% drop in price from $68,200 to $58,600 during the quarter.