Tether's Q2 performance weakened, with its excess reserves declining by more than $4 billion.

Stablecoin issuer Tether released its financial report on Friday, revealing that its excess reserves fell by $4.1 billion in the second quarter compared to the prior quarter. At the end of Q1, USDT’s issuer had reported assets exceeding liabilities by $8.2 billion; that figure has now dropped to $4.1 billion in the latest data. The report also noted Tether posted a $3.2 billion net loss for the first half of this year. With the company having reported $1 billion in net profit in Q1, this implies it likely suffered a loss of over $4 billion in Q2. Year-over-year, Tether’s performance has also weakened notably: its Q2 2025 net profit stood at $4.9 billion, while this year’s Q2 net operating profit was $1.5 billion. Net operating profit typically excludes unrealized gains and losses from price fluctuations in assets like Bitcoin and gold.