Tether Stablecoin Issuer Says 2Q Profit Was $1.3 Billion
- Firm says it held more than $97.6 billion in Treasuries
- An audit remains a priority, Tether CEO says in an interview
The market value of Tether’s USDT token has climbed to above $114 billion
Photographer: Gabby Jones/BloombergThis article is for subscribers only.
Tether Holdings Ltd., the operator of the largest stablecoin, said it posted net operating profit of $1.3 billion in the second quarter, as interest earned from its holdings of US Treasuries helped to offset a decline in the value of Bitcoin.
The market value of Tether’s USDT token has climbed to above $114 billion, as the demand for the stablecoin rose during this year’s crypto rally. The British Virgin Islands-incorporated company didn’t disclose how net operating profit is derived in the statement it released Wednesday. Net profit was a record $5.2 billion in the first half the year, the company said.