Tether recorded $1.5 billion in net operating profit in the second quarter, driven mainly by interest income from its U.S. Treasury holdings and repurchase agreements. As of June 30, the company reported a $4.11 billion reserve buffer, meaning assets exceeded liabilities by the same amount. USDT circulating supply rose by $446 million to $184.6 billion, giving it more than 60% of the global stablecoin market, while DeFiLlama data put the overall sector at about $307 billion. The update underscores how large stablecoin issuers are increasingly tied to traditional short-term financial markets through Treasury holdings and cash management. In a related sign of that convergence, BlackRock launched two tokenized money market products for stablecoin issuers to help meet reserve requirements under the U.S. GENIUS Act, including one that tokenizes shares of its existing Treasury liquidity strategy on Ethereum and another institutional-grade tool designed for multichain use with automatic yield reinvestment.