Tether reports $850 million net profit for second quarter in latest attestation report

Stablecoin issuer Tether said it had a net profit of $850 million in the second quarter, less than the $1.5 billion it reported in the previous period, according to its latest attestation report.

The Q2 profit brings Tether's excess reserves to around $3.3 billion. "As a reminder, excess reserves are the company's own profits — not distributed to shareholders and which the company has decided to keep on top of the 100% reserves that Tether maintains to back all the outstanding tokens," Tether said Monday.