Tether reported that its excess reserves fell from a record $8.23 billion at the end of the first quarter to $4.11 billion as of June 30. While the company posted $1.5 billion in Q2 net operating profit, its first-half comprehensive financial result was approximately negative $3.17 billion. Combined with its previously reported Q1 net profit of about $1.04 billion, the figures imply Tether’s overall Q2 financial result, including unrealized gains and losses, may have exceeded a $4 billion loss.
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