Tether posts $1.5 billion operating profit in Q2 as reserve buffer falls by half
The world’s largest stablecoin issuer added 14 metric tons of gold and about 1,800 bitcoin to its reserves during the second quarter.
Source: CoinDesk
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DW NOTE
Tether's reserve buffer fell 50% in a quarter where it printed $1.5 billion in profit and issued another $446 million in tokens. The only way you halve your excess capital while booking that kind of profit is if the underlying portfolio is bleeding value faster than the fees can cover it. Gold down 15%, bitcoin down 14% — that's not diversification, that's correlated drawdown dressed up as treasury management.