by Protos Staff
Tether, the world’s largest stablecoin firm, has claimed that it made approximately $4.9 billion in profits for the second quarter of 2025.
USDT, the main stablecoin issued by Tether, had grown to a market capitalization of over $150 billion by the end of June.
Moreover, Tether claims that it has grown to be one of “the largest holders of US government debt globally.
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Read more: Tether: Ten years, 100,000,000,000 USDT, and still no audit
Interestingly, despite the substantial growth in Tether’s market capitalization, the amount of what Tether calls “equity” (the difference between assets and liabilities) has been remarkably stable.
Tether’s BTC reserves continue to grow
As Tether made sure to note in its announcement, it holds quite a few US Treasury bills, representing the single largest category in its reserves.
Read more: Circle vs. Tether: What’s in the reserves?
Tether also has substantial “indirect exposure” to US Treasuries through the overnight reverse repurchase agreements and money market funds it invests in.
It has also continued to grow the value of bitcoin in its reserves to approximately $8.9 billion from $7.7 billion this quarter.
Similarly, it’s increased the value of precious metals in the reserves to $8.7 billion from $6.7 billion.
Secured loans now double Tether’s equity
Perhaps the strangest detail in Tether’s reserves, though, is what it calls “secured loans.”
In December 2022, the company announced its intention to eliminate secured loans from its reserves, promising to be rid of them by the end of 2023.
Read more: Tether’s Q3 attestations prove that it can’t quit secured loans
However, this reduction hasn’t played out as intended.
In 2023, Tether saved enough assets in what it describes as “equity” to begin claiming that the so-called “secured loans” were now excess reserves, because the equity was larger than the amount of secured loans.
However, since then the amount of secured loans has continued to grow, and the amount of secured loans is now approximately double the size of the so-called “equity.”
Protos reached out to Tether for clarification on why its secured loans have continued to grow, despite earlier promises to eliminate them, but it didn’t immediately respond.
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