Tether earns $1.5B in Q2 on Treasury, repo income
Tether reported a $1.5 billion net operating profit in Q2, driven mainly by interest from US Treasury holdings and repurchase agreements.
Tether reported a net operating profit of $1.5 billion for the second quarter in an attestation released Friday. The document covered the period ended June 30 and showed reserve assets exceeded liabilities by $4.11 billion on that date.
The attestation attributed most of the profit to interest income from short-term US Treasury securities and repurchase agreements, which are short-term loans backed by government securities. Higher short-term interest rates increased returns on those instruments.
The circulating supply of Tether’s USDT rose by $446 million during the quarter to $184.6 billion. The attestation indicated that level gave the firm more than 60% of the global stablecoin market and put the total market at roughly $307 billion as of the report.
Tether remains one of the largest crypto holders of US Treasury securities and has concentrated a significant portion of its reserves in Treasury bills and similar cash-equivalents. Income from those holdings and from repo activity was identified as the primary driver of the quarter’s net operating profit.
The attestation did not include projections for future quarters.
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