Tether Q2 Excess Reserves Halved, Overall Financial Result May Have Exceeded $4B Loss Tether's latest reserve attestation shows excess reserves fell from a record $8.23 billion at the end of Q1 to $4.11 billion as of June 30, a decline of about 50%. Although Tether reported $1.5 billion in Q2 net operating profit, the report also showed a first-half comprehensive financial result of approximately negative $3.17 billion. Combined with Tether's previously reported Q1 net profit of about $1.04 billion, this implies the company's overall Q2 financial result, including unrealized gains and losses, may have exceeded a $4 billion loss. Tether did not disclose the remaining factors behind the decline.