Tether earns $1.5B in Q2 as US Treasury holdings fuel profits
Tether’s reserve surplus grew to $4.11 billion in the second quarter as USDT supply rose despite a weaker stablecoin market and continued pressure across the crypto sector.
In the second quarter, Tether, the leading stablecoin issuer, reported a net operating profit of $1.5 billion, primarily fueled by interest earned on its US Treasury holdings and repurchase agreements. As of June 30, Tether's reserve surplus had grown to an impressive $4.11 billion, ensuring its assets surpassed liabilities by that significant margin.
Despite the overall contraction in the stablecoin market, the circulating supply of USDt (USDT) surged by $446 million during the quarter, reaching $184.6 billion. This growth helped Tether maintain its dominant position in the global stablecoin market, accounting for more than 60% of it. The company's portfolio remains heavily invested in US Treasury securities, which are instrumental in its reserve building strategy, benefiting from the elevated short-term interest rates.
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