The company also reached a net operating profit of $1.3 billion in the second quarter, largely due to its yield-bearing investments and reserves, according to its press release. The attestation was conducted by BDO, a global independent accounting firm.

Tether issues the largest stablecoin, USDT, which has a market capitalization of nearly $115 billion. The firm has benefited from the post-COVID inflationary environment and subsequent raised interest rates meant to tamp down an overheated economy.