Tether's Second Quarter Performance Weakens, Excess Reserves Decrease by Over $4 Billion

August 1st, Tether released a financial report on Friday stating that its excess reserves decreased by $4.1 billion compared to the previous quarter. As of the end of the first quarter, the USDT issuer Tether had stated that its asset value exceeded liabilities by $8.2 billion; however, in the latest data, this number has dropped to $4.1 billion.

The report also shows that Tether's financial results for the first half of this year were at a loss of $3.2 billion. Considering the company had reported a $1 billion net profit in the first quarter, this means it may have incurred over $4 billion in losses in the second quarter.

Looking at year-on-year performance, Tether's results have also significantly weakened. The company had a net profit of $4.9 billion in the second quarter of 2025, while in the second quarter of this year, the net operating profit was $1.5 billion. Net operating profit usually does not include unrealized gains and losses due to price changes in assets such as Bitcoin and gold.