Tether reported net operating profit of $1.5 billion in the second quarter, driven primarily by interest earned on US Treasury holdings and repurchase agreements. As of June 30, the company’s reserve surplus stood at $4.11 billion, representing the gap between its assets and liabilities. Despite a contraction in the stablecoin market, USDT circulating supply grew by $446 million to $184.6 billion, allowing Tether to maintain more than 60% of the global stablecoin market valued at roughly $307 billion. Tether remains one of the world’s largest holders of US Treasury securities.
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