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

Quick Take

  • In its latest attestation report, Tether said it had a net profit of $850 million in the second quarter.
  • The profit is less than the $1.5 billion declared in the first quarter.

Stablecoin issuer Tether said it had a net profit of $850 million in the second quarter, significantly 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. Tether’s operational profit for Q2 stood at over $1 billion, a 30% increase quarter over quarter. 

The company's consolidated total assets amounted to at least around $86.5 billion as of June 30, while its consolidated total liabilities amounted to $83 billion, per the latest attestation report, reflecting excess reserves of over $3 billion — a new all-time high. The excess reserves exceed Tether's Q1 numbers of $2.44 billion.

Tether reveals indirect exposure to US Treasuries for the first time

In its Q2 report, Tether has disclosed its indirect exposure to U.S. Treasuries and its exposure to the U.S. Treasuries that are collateralizing its overnight repo for the first time. By aggregating them together, the amount of Treasuries backing Tether’s stablecoins is about $72.5 billion, the company said.

Tether's new disclosures in Q2 attestation report; Source: Tether

Tether has also disclosed a share buyback worth $115 million and other investments in energy-related initiatives financed from the profits of the second quarter. "The investment in energy-related initiatives are not included in the CRR [consolidated reserves report] as these are not considered by Tether as an eligible reserve for the token in circulation," the stablecoin issuer said.


Keep up with the latest news, trends, charts and views on crypto and DeFi with a new biweekly newsletter from The Block's Frank Chaparro

By signing-up you agree to our Terms of Service and Privacy Policy
By signing-up you agree to our Terms of Service and Privacy Policy

Tether's total assets breakdown in Q2 attestation report; Source: Tether

USDT total supply

Tether's USDT is the largest stablecoin in the market, with a supply of over 84 billion tokens, according to The Block's Data Dashboard.

(Updated the story with additional details throughout).

© 2023 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

About Author

Yogita Khatri is a senior reporter at The Block, covering all things crypto. As one of the earliest team members, Yogita has played a pivotal role in breaking numerous stories, exclusives and scoops. With nearly 3,000 articles under her belt, Yogita holds the records as The Block's most-published and most-read author of all time. Prior to joining The Block, Yogita worked at crypto publication CoinDesk and The Economic Times, where she wrote on personal finance. To contact her, email: [email protected]. For her latest work, follow her on X @Yogita_Khatri5.


To contact the editor of this story:
Adam James at
[email protected]