Tether reported $1.3 billion in Q2 net operating profit, while its latest BDO attestation showed $5.2 billion in excess reserves above full USDT backing. The results underscore how interest income from large holdings of U.S. Treasury assets supports the issuer’s business model. Net operating profit, total reserves, excess reserves and circulating USDT supply are separate measures. USDT remains the largest dollar stablecoin in crypto and is widely used across exchanges, DeFi (decentralized finance), payments, emerging-market dollar access, trading pairs and liquidity venues. The attestation is a point-in-time disclosure rather than continuous reserve monitoring, but it gives users and institutions data on backing, profit and the reserve cushion at the reporting date. Tether’s scale and profitability are increasingly significant as banks, fintechs, payment firms and crypto companies compete in digital-dollar settlement.