Tether, the company behind the USDT stablecoin, reported a record $5.3 billion profit in the second quarter, according to Reuters. The result underscores the scale of the stablecoin issuer’s business as crypto markets continue to depend on USDT for trading and liquidity.

The strong earnings came as Tether again faced questions about its reserves and compliance practices. Regulators and market observers have long pressed the company for clearer disclosure on the assets backing its token and the controls it uses to manage risk.

USDT remains the largest stablecoin in circulation and a core part of global crypto trading infrastructure. Its dominance has made Tether one of the most influential firms in digital assets, but also one of the most closely watched.

The new profit figure will likely reinforce debate over whether the company’s financial strength is matched by transparency. For critics, the issue is not just earnings, but whether Tether can continue to support trust in a market that has repeatedly been shaken by failures and opaque reporting.