Tether said in a financial report released Friday that its excess reserves dropped sharply in the second quarter, falling by $4.1 billion from the prior quarter to $4.1 billion. The company had previously said at the end of the first quarter that assets exceeded liabilities by $8.2 billion, meaning the latest figure is nearly half that level.
The report also said Tether posted a negative financial result of $3.2 billion for the first half of the year. Given that the USDT issuer had reported $1 billion in net profit in the first quarter, the latest disclosure implies that second-quarter losses may have exceeded $4 billion.
On a year-over-year basis, the numbers also weakened. Tether reported net profit of $4.9 billion in the second quarter of 2025, while net operating profit for the second quarter of this year came in at $1.5 billion. The company noted that net operating profit usually excludes unrealized gains or losses tied to price moves in assets such as Bitcoin and gold.
Tether said Friday in a financial report that its excess reserves fell by $4.1 billion in the second quarter from the previous quarter, leaving the figure at $4.1 billion.
At the end of the first quarter, the USDT issuer had said its assets exceeded liabilities by $8.2 billion. The latest report puts that number at $4.1 billion.
The company also reported a negative financial result of $3.2 billion for the first half of the year. Since Tether had posted $1 billion in net profit in the first quarter, the new disclosure suggests the company may have recorded a loss of more than $4 billion in the second quarter.
The year-over-year comparison also showed weaker performance. Tether reported net profit of $4.9 billion in the second quarter of 2025, while net operating profit for the second quarter of this year was $1.5 billion.
Tether said net operating profit usually excludes unrealized gains or losses resulting from price changes in assets including Bitcoin and gold.
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