Tether's second-quarter results weakened, with excess reserves decreasing by more than $4 billion.

Odaily Planet Daily reports that Tether released its financial report on Friday, stating that its excess reserves decreased by $4.1 billion in the second quarter compared to the previous quarter, almost halved. As of the end of the first quarter, Tether, the issuer of USDT, stated that its asset value exceeded its liabilities by $8.2 billion; however, the latest data shows that this figure has dropped to $4.1 billion. The report also shows that Tether's financial results for the first half of this year were negative $3.2 billion. Considering that the company reported a net profit of $1 billion in the first quarter, this means that it may have recorded a loss of more than $4 billion in the second quarter. Year-on-year, Tether's performance has also weakened significantly. The company's net profit for the second quarter of 2025 is $4.9 billion, while its net operating profit for the second quarter of this year was $1.5 billion. Net operating profit typically excludes unrealized gains or losses arising from changes in the prices of assets such as Bitcoin and gold.