Tether posts $1.5 billion Q2 net operating profit, gold stockpile tops 146 tons
DeFi & Yields ·
An attestation prepared by BDO shows Tether's reserve buffer at $4.1 billion as USDT circulation climbs to roughly $184.6 billion.
Tether's second-quarter attestation, verified by accounting firm BDO, put net operating profit at approximately $1.5 billion, driven largely by returns from U.S. Treasury holdings and repo activity, according to tether.io. Total assets stood at $187.75 billion against liabilities of $183.64 billion, leaving reserves ahead of obligations by roughly $4.11 billion.
USDT tokens in circulation rose to about $184.6 billion by the end of the quarter, an increase of around $446 million from Q1, even as the broader stablecoin sector's total market cap declined, a detail highlighted by decrypt.co. That growth pushed USDT's share of the stablecoin market above 60%. Gold holdings within the reserve mix expanded to more than 146 tons after an addition of 14 tons during the quarter, positioning Tether among the world's largest buyers of physical gold.
The company also trimmed secured lending exposure by about $2.38 billion, a 15% reduction, while keeping the bulk of its reserves in short-duration, high-quality liquid instruments such as government-backed securities. Management framed the quarter as a test of that structure, noting that both gold and Bitcoin experienced sharp price swings during the period without disrupting USDT's backing. Coverage from wublockchain.xyz placed the same set of figures — the $1.5 billion profit, $4.11 billion buffer, and gold expansion — within the wider narrative of Tether's reserve resilience.
Company leadership pointed to continued growth in Tether's global user base, citing an increase of more than 30 million users during the quarter, alongside the ongoing pursuit of a Big Four audit and broader technology infrastructure development. What remains unspecified is the exact composition of the non-gold, non-Treasury portion of reserves and the timeline for any transition from the current attestation process to a full audit. Whether the pace of gold accumulation continues into the next quarter, and how USDT's market share trend holds up against a shrinking overall stablecoin sector, are among the details to track going forward.