Stablecoin issuer Tether generated another multibillion-dollar quarter as income from its US Treasury portfolio continued to bolster earnings, even as the broader crypto market remained under pressure.<\/p>\n
Tether\u2019s latest quarterly attestation, released<\/a> Friday, reported a net operating profit of $1.5 billion for the second quarter, driven primarily by interest earned on US Treasury holdings and repurchase agreements, or short-term loans backed by government securities.<\/p>\n The company also reported a reserve buffer of $4.11 billion as of June 30, meaning its assets exceeded liabilities by that amount.<\/p>\n Despite a broader contraction in the stablecoin market, the circulating supply of USDt (USDT) increased by $446 million during the quarter to $184.6 billion, allowing Tether to maintain more than 60% of the global stablecoin market, according to the attestation. The total stablecoin market was valued at roughly $307 billion as of Friday, according to DeFiLlama data<\/a>.<\/p>\n Tether remains one of the world\u2019s largest holders of US Treasury securities, which have become the backbone of its reserve portfolio. The company has benefited from elevated short-term interest rates, which boosted income from Treasury bills and related cash-equivalent assets.<\/p>\n Related: <\/strong><\/em>Crypto Biz: When dollars disappear, stablecoins step in<\/strong><\/em><\/a><\/p>\n Related:<\/strong> Bitcoin price<\/a> \u00b7 BTC live chart<\/a> \u00b7 Ethereum price<\/a> \u00b7 ETH gas fee<\/a> \u00b7 Bitcoin price today<\/a> \u00b7 Top 10 cryptocurrencies<\/a><\/p>\n