Tether Pulls In $1.5B Q2 Profit And Adds 98,932 Bitcoin

Tether just shared its latest financial attestation, showing a net profit of $1.5 billion for the second quarter. Despite a general slowdown across the wider crypto market, the company actually saw its market capitalization grow by $446 million during the same period.

The firm continues to back its USDT stablecoin mostly with United States Treasury bills. Beyond traditional cash equivalents, Tether expanded its physical gold holdings by 14 tons and maintained its massive stash of 98,932 Bitcoin on its balance sheet.

Strong reserve backing is always a major talking point for traders who rely on stablecoins for daily trading. Market watchers will keep an eye on how Tether manages its expanding portfolio of traditional and digital assets as market conditions shift.