Tether's net operating profit for the second quarter was $1.5 billion, primarily derived from interest generated by its holdings of U.S. Treasury securities and repurchase agreements. As of June 30, Tether's reserve buffer stood at $4.11 billion, with assets exceeding liabilities by the same amount. The circulating supply of USDT increased by $446 million to $184.6 billion, accounting for over 60% of the global stablecoin market. The global stablecoin market is approximately $307 billion, and Tether remains one of the major holders of U.S. Treasury securities. BlackRock has launched two tokenized money market products aimed at stablecoin issuers to meet reserve requirements under the U.S. GENIUS Act, with one fund tokenizing its existing Treasury liquidity strategy shares on Ethereum, while the other is an institutional-grade money market tool that supports multi-chain and automatically reinvests earnings.
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Global markets consolidated over the weekend. SanDisk benefited from strong AI data-center demand, long-term customer contracts, and improving expectations for the storage supply-demand balance. SpaceX-related names also performed well. Precious metals held near elevated levels, while Bitcoin moved toward $75,000 and continued to support crypto-financial stocks. Markets are now focused on Pinduoduo’s earnings and the impact of future rate expectations on technology and small-cap valuations.


















