Tether posts $1.5 billion operating profit in Q2 as reserve buffer falls by half

60-second summary

Tether is posting a $1.5 billion operating profit in Q2, driven by increased demand for its stablecoin. The company added 14 metric tons of gold and about 1,800 bitcoin to its reserves during the second quarter. This significant reserve growth is expected to bolster investor confidence in Tether's stability, potentially benefiting the broader cryptocurrency market.