According to the report, USDT in circulation reached approximately $184.6 billion at the end of the quarter, up about $446 million from the end of March. Although the overall stablecoin market shrank during the quarter, Tether said USDT's market share increased to more than 60%.
Tether also said it reduced its secured lending exposure by approximately $2.38 billion, or 15%, during the quarter.
According to Tether, the company added 14 metric tons of physical gold, increasing its holdings to more than 146 metric tons.
Ardoino contrasted Tether's strategy with what he described as the financial industry's focus on soaring AI stock valuations, saying the company is instead investing in technologies that expand access to financial services and artificial intelligence for underserved populations.
“These results show that Tether has the liquidity, discipline and scale to remain resilient across market cycles while continuing to serve hundreds of millions of users around the world,” he said.
