Tether's Q2 numbers tell two stories. On paper: $184.6B $USDT supply, 150 tonnes of gold, 80% Treasuries, $1.5B profit. But strip out the accounting tricks and H1 was actually -$3.17B when you include $BTC and gold losses.
More concerning: their safety buffer got slashed 50% and $1.9B of that drop has no clear explanation. This matters because USDT is the plumbing of crypto — if confidence cracks mid-cycle, liquidity drains fast.
Not saying run for the exits, but worth rotating some stablecoin exposure to $USDC or diversifying if you're heavy in Tether. We're in a phase where risk-off moves can accelerate quickly, and opaque balance sheets are the first domino.
More concerning: their safety buffer got slashed 50% and $1.9B of that drop has no clear explanation. This matters because USDT is the plumbing of crypto — if confidence cracks mid-cycle, liquidity drains fast.
Not saying run for the exits, but worth rotating some stablecoin exposure to $USDC or diversifying if you're heavy in Tether. We're in a phase where risk-off moves can accelerate quickly, and opaque balance sheets are the first domino.