Tether reported a net operating profit of $1.5 billion for the second quarter.
The company's income was primarily driven by interest earned on US Treasury holdings and repurchase agreements. Tether holds one of the largest positions in US Treasury securities globally.
The circulating supply of USDt (USDT) rose by $446 million during the second quarter, reaching $184.6 billion. Tether currently maintains more than 60% of the global stablecoin market.
Reserves and Market Value
As of June 30, Tether's reserve surplus was $4.11 billion. This figure follows a decrease in excess reserves of more than $4 billion.
Estimated total value of the stablecoin market as of Friday, according to DeFiLlama data.
According to DeFiLlama data, the total stablecoin market was valued at approximately $307 billion as of Friday.
There are conflicting reports regarding the company's earnings for the period; while Tether reported $1.5 billion in net operating profit, other sources claim a net profit of $4.9 billion for Q2 2025.
