Tether Reports $1.5B Operating Profit as Its Reserve Buffer Halves and Line-Item Disclosure Disappears

Tether's Q2 attestation, prepared by BDO, reported $1.5 billion in net operating profit — a measure excluding unrealized losses — alongside excess reserves falling from a record $8.23 billion to $4.11 billion and a first-half comprehensive result of roughly negative $3.17 billion. Outlets calculated an implied Q2 hit above $4 billion, mostly from gold and bitcoin markdowns and partly unexplained. The report also dropped the per-asset dollar breakdowns earlier attestations included, while a KPMG audit is described as ongoing.