Tether reported $1.5 billion in net profit for Q2, a 44% increase from Q1’s $1.04 billion, driven by US Treasury bonds and repurchase agreements. The stablecoin issuer holds a $4.1 billion reserve buffer and increased its physical gold holdings from 132.2 to 146 tons. The USDT user base reached a record 650 million, primarily in emerging markets. However, USDT’s market cap dropped by nearly $7 billion from its May peak of $190 billion to $183.5 billion, amid a broader 5% contraction in the stablecoin sector from $322 billion to $307.6 billion.
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