Tether's excess reserves drop over $4 billion after weaker Q2 results

Tether's excess reserves fell by more than $4 billion following weaker second-quarter financial results. The stablecoin giant posted a net operating profit of $1.5 billion in Q2, a sharp drop from the $4.9 billion net profit recorded in Q2 of the prior year. The decline raises questions about the financial health of the world's largest stablecoin issuer.