Tether Made $1.5 Billion in Q2 and Its Reserve Cushion Still Halved

Tether’s Q2 attestation shows the stablecoin issuer generated about $1.5 billion in operating profit, but its excess reserve buffer was cut in half to $4.11 billion from $8.23 billion in Q1. Total assets fell to $187.75 billion while liabilities were $183.64 billion, leaving USDT still overcollateralized but raising questions about where more than $5 billion of surplus value went. The report also omits prior detailed breakdowns for Treasury bills, gold, and Bitcoin, making the reserve composition less transparent. Tether says it added more than 30 million users, increased gold holdings to over 146 tons, and reduced secured lending exposure by 15%. The article frames the development as a disclosure and reserve-quality concern rather than a solvency problem, while noting USDT held its peg near $0.9986 and market cap remained around $183.5 billion.