Tether Posts $1.5B Q2 Profit on US Treasury Holdings
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- Tether reported a net operating profit of $1.5 billion for Q2, driven primarily by interest earned on US Treasury holdings and repurchase agreements backed by government securities.
- The company's reserve surplus reached $4.11 billion as of June 30, meaning assets exceeded liabilities by that amount.
- USDT circulating supply rose by $446 million during Q2 to $184.6 billion, even as the broader stablecoin market contracted.
- Tether maintained more than 60% of the global stablecoin market, which totaled roughly $307 billion as of Friday per DeFiLlama data.
- Tether remains one of the world's largest holders of US Treasury securities, benefiting from elevated short-term interest rates that boosted income from Treasury bills and cash-equivalent assets.
Why it matters: Tether's $4.11 billion reserve buffer and 60%+ share of the $307 billion stablecoin market show that during crypto contractions, Treasury yield is the engine converting stablecoin float into billion-dollar quarters — giving USDT a structural profitability advantage over competitors without comparable T-bill exposure.
