Tether Pulls In $1.5 Billion But Q2 Reserve Buffer Shrinks By Half

Tether brought in roughly $1.5 billion in net operating profit during the second quarter, yet the financial cushion protecting USDT holders shrank by half. Excess reserves closed out June at $4.11 billion, which is a steep drop from the record $8.23 billion reported just three months prior.

The latest attestation prepared by accounting firm BDO confirms that USDT remains overcollateralized. Total assets sat at $187.75 billion against liabilities of $183.64 billion at the end of June. The asset side fell by about $4 billion while token liabilities barely moved, which points toward unrealized losses or outflows tied to holdings in gold and Bitcoin.

Several key disclosures also disappeared from the latest report. Unlike the previous quarter, the release did not attach specific dollar figures to major asset classes like Treasury bills, gold, and Bitcoin. Instead, gold was only listed as a tonnage count, while Treasury holdings were described broadly as a majority share of reserves.

Despite the shrinking buffer, USDT held its price peg firmly near $0.9986 and maintained its massive market capitalization. Tether added more than 30 million users during the quarter despite facing a token delisting by Revolut in Europe. Traders will likely keep a close eye on future reports as the market waits for the full audit process to conclude.