Tether Excess Reserves Drop 50% to $4.1B, Q2 Net Operating Profit Slumps 69%

Tether's excess reserves halved to $4.1B in Q2, with net operating profit falling to $1.5B from $4.9B YoY, signaling a sharp contraction in profitability metrics.

Woofun AI data shows that Tether’s excess reserves declined by $4.1 billion in the second quarter, reducing the surplus above liabilities from $8.2 billion to $4.1 billion. The issuer reported a negative financial result of $3.2 billion for the first half of the year, implying a Q2 loss exceeding $4 billion given a $1 billion Q1 profit. Net operating profit, which excludes unrealized gains or losses on assets such as Bitcoin, fell to $1.5 billion in Q2, down significantly from $4.9 billion in the same period last year.