According to the Block, stablecoin issuer Tether has reported a net profit of $850 million in the second quarter, according to its latest attestation report. This figure brings the company's excess reserves to approximately $3.3 billion, which it notes are the profits it has decided to keep. Tether's Q2 report showed consolidated total assets of at least $86.5 billion and consolidated total liabilities of $83 billion, which reflects that Tether's excess reserves have exceeded Q1 figures of $2.44 billion. Tether's USDT remains the largest stablecoin on the market, with over 84 billion tokens in circulation.
Tether, the issuer of the largest USD-linked stablecoin USDT, has reported a net profit of $850 million in Q2 of 2021. This figure represents a dip from its previous $1.5 billion reported in the preceding period. The announcement was made through the company's latest attestation report.
The company's excess reserves were boosted to approximately $3.3 billion, following its Q2 net profit, according to Tether. The company notes that the excess reserves represent its own profits, which it prefers to retain rather than distribute to shareholders. The $3.3 billion figure marks a new all-time high, exceeding the Q1 numbers of $2.44 billion.
Tether's consolidated total assets were reported at $86.5 billion as of June 30th, while the consolidated total liabilities amounted to $83 billion, resulting in over $3 billion in excess reserves. This presents an indication of Tether's continued growth and dominance in the cryptocurrency market.
Tether's USDT stablecoin, which is pegged to the US dollar, has a supply of around 84 billion tokens, according to The Block's Data Dashboard. Tether's position as the largest stablecoin in the market continues to cement its hold in the cryptocurrency ecosystem.