Tether Q2 Results Deteriorate as Excess Reserves Fall by More Than $4 Billion
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Tether's Q2 report shows excess reserves fell by $4.1B to $4.1B and the firm recorded a $3.2B first-half net loss, implying a large Q2 swing versus Q1 profitability. A thinner capital buffer can heighten perceived stablecoin credit/liquidity risk, potentially tightening USDT on/off-ramps and elevating risk premia across crypto markets. The disclosure may weigh on near-term positioning and funding conditions.
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Tether said in a financial report released Friday that its excess reserves fell $4.1 billion in the second quarter from the prior quarter, nearly halving. The USDT issuer had reported at the end of Q1 that assets exceeded liabilities by $8.2 billion; the latest report puts that cushion at $4.1 billion.
The company also posted a net loss of $3.2 billion for the first half of the year. With Tether reporting $1 billion in net profit in Q1, the figures imply a Q2 net loss of more than $4 billion.
Year over year, profitability also weakened sharply. Tether reported $4.9 billion in net profit in Q2 2025, versus a net operating profit of $1.5 billion in Q2 this year. Net operating profit typically strips out unrealized gains and losses tied to price moves in assets such as Bitcoin and gold.
