Tether Attestation Says Second-Quarter Profit Was $850 Million
- Stablecoin issuer’s profit rose even as sector contracted
- Treasuries backing reserve totaled about $72.5 billion
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Tether Holdings Ltd., the operator of the largest stablecoin, said the company’s “own profit” was $850 million in the second quarter.
A third-party attestation by BDO of the $86.5 billion reserves backing its USDT token as of June 30 showed that around 85%, or $73.6 billion, of the collateral supporting USDT was stored in cash and cash-equivalents. Stablecoins are digital tokens that aim to keep a one-to-one value with a less volatile asset like the dollar, typically by maintaining large reserves as segregated collateral.