Tether's Excess Reserves Halved to $4.11 Billion in Q2 as USDT Supply Hits Record $184.6 Billion

Tether's excess reserve buffer shrank sharply in the second quarter, dropping to $4.11 billion from $8.23 billion in the first quarter, according to the company's latest attestation. The USDT issuer also reported a net operating profit of $1.5 billion, though that number excludes mark-to-market adjustments. The half-year capital table showed a negative $3.17 billion swing after accounting for asset revaluations.

Despite Tether accumulating more gold and bitcoin, the reported value of those reserve holdings declined, reflecting price moves during the period. Meanwhile, the total supply of USDT climbed to $184.6 billion, and Tether's share of the stablecoin market surpassed 60%.

The figures highlight a mixed picture for the dominant stablecoin: rapid issuance growth and market share gains contrast with a thinner cushion of excess reserves and unrealized mark-to-market losses on its asset portfolio.