Tether has reported a significant profit in the second quarter, earning $1.5 billion, according to reporting from CoinTelegraph. This growth is attributed to the company's US Treasury holdings, which helped drive the profits despite a weaker stablecoin market and ongoing pressure across the crypto sector.
The company's reserve surplus also increased, growing to $4.11 billion in the second quarter. Additionally, the supply of Tether's stablecoin, USDT, rose during this period, contributing to the company's profits.