Tether Reports a Massive $850 million Profit in Q2
Tether reports Q2 profit of $850 million, reveals U.S. Treasury bonds links, and continues as largest stablecoin.
Stablecoin company Tether reported a net profit of $850 million in the second quarter, which is less than the $1.5 billion it made in the previous quarter. This is from the company's newest report.
This profit has increased Tether's extra cash to about $3.3 billion. Tether also made more than $1 billion from operations in Q2, a 30% increase from the last quarter.
Tether had around $86.5 billion in total assets at the end of June, with liabilities of $83 billion. This left them with over $3 billion in extra reserves - the highest ever. This number is more than the $2.44 billion from Q1.
In the Q2 report, Tether revealed for the first time that it has indirect links to U.S. Treasury bonds. Combined, these bonds are worth about $72.5 billion.
Tether also bought back shares worth $115 million and invested in energy projects with the profits from Q2. The company said these investments are not counted as reserves.
Finally, Tether's USDT is the biggest stablecoin with more than 84 billion tokens in circulation.
Reported by Coinpaprika News
