Tether posted $1.5 billion in net operating profit in the second quarter. Cointelegraph reported on Thursday that interest income from its U.S. Treasury holdings and repurchase agreements lifted results, and that as of June 30 excess USDT reserves were tallied at $4.11 billion.
A quarterly assurance report released by Tether on the day showed assets exceeded liabilities by $4.11 billion. Over the period, USDT circulation rose by $446 million to $184.6 billion.
Even as the stablecoin market broadly contracted, Tether maintained more than 60 percent of the global stablecoin market. Total stablecoin market capitalisation stood at about $307 billion as of Thursday, according to DefiLlama data.
U.S. Treasuries made up a core share of Tether's reserves portfolio. With high short-term interest rates persisting, returns from Treasuries and related cash-equivalent assets increased, supporting second-quarter results. Tether is also among the largest holders of U.S. Treasuries in the world.
Chi-gyu Hwang
delight@d-today.co.kr