Tether, the stablecoin issuer, has reported a net profit of $850 million in Q2, which is lower than the $1.5 billion reported in the previous quarter. The company's excess reserves now stand at around $3.3 billion, which includes the profits that Tether has decided to keep on top of the 100% reserves that it maintains to back all outstanding tokens. Tether's consolidated total assets were around $86.5 billion as of June 30, while its consolidated total liabilities were $83 billion, resulting in excess reserves of over $3 billion, a new all-time high. The company's USDT is the largest stablecoin in the market, with a supply of over 84 billion tokens.