Tether Q2 Operating Profit Hits $1.5B as USDT Supply Reaches $184.6B

Tether posts $1.5B Q2 operating profit driven by Treasury yields. USDT supply hits $184.6B, holding 60% market share amid BlackRock's new tokenized reserve products.

Woofun AI reports that Tether generated a net operating profit of $1.5 billion in the second quarter, primarily derived from interest on Treasury bond holdings and buyback agreements. As of June 30, the firm maintained a reserve buffer of $4.11 billion, with assets exceeding liabilities by that amount. The circulating supply of USDT rose by $446 million to $184.6 billion, representing over 60% of the global stablecoin market, which DeFiLlama values at approximately $307 billion.

Asset management firm BlackRock has introduced two tokenized money market products for stablecoin issuers to address reserve requirements under the U.S. GENIUS Act. One fund tokenizes existing Treasury bond liquidity strategy shares on Ethereum, while the other serves as an institutional-grade tool supporting multi-chain operations and automatic earnings reinvestment.