Tether reported Friday that its excess reserves fell by $4.1 billion from the previous quarter amid a sharp year-on-year deterioration in its financial results.
At the end of the first quarter, the stablecoin issuer of USDT said the value of its assets exceeded its liabilities by $8.2 billion.
On Friday, that figure had fallen to $4.1 billion.
Tether's most recent financial report also showed a negative $3.2 billion financial result for the first half of the year.
That implies the company posted a loss of more than $4 billion, given that in the first quarter it reported $1 billion in net profit.
