Home›Crypto›Stablecoins›Tether profit surged to $1.5B in Q2 as US Treasuries b…

Tether profit surged to $1.5B in Q2 as US Treasuries boosted reserves

Tether said its USDt supply rose $446 million in the quarter to $184.6 billion, even as the broader stablecoin market contracted.

Reported · Written up by our desk · Stablecoins

Tether reported a net operating profit of $1.5 billion for the second quarter, attributing most of the results to interest earned on its US Treasury holdings and repurchase agreements, according to a quarterly attestation released Friday.

The company also reported a reserve buffer of $4.11 billion as of June 30, meaning its assets exceeded liabilities by that amount.

Despite wider pressure in crypto and a stablecoin market contraction, Tether said USDt circulating supply increased by $446 million during the quarter to $184.6 billion, helping it maintain more than 60% of the global stablecoin market, per the attestation.

Cointelegraph also cited data showing the total stablecoin market was valued at roughly $307 billion as of Friday, with Tether continuing to benefit from elevated short-term interest rates that lifted income from Treasury bills and related cash-equivalent assets.

More like this

Sources