Tether, issuer of the largest stablecoin by market capitalization, said first-quarter net profit was $1.04 billion and excess reserves reached a record $8.23 billion.
The company did not provide figures for the prior year or the fourth quarter. It reported net profit of more than $10 billion for all of 2025.
The amount of USDT in circulation, pegged to the dollar, remained stable, with total token liabilities of approximately $183 billion as of March 31, the company said in its quarterly report. The company’s total assets are just under $192 billion, according to the release.
The report was released at a time when global demand for stablecoins is increasing as they find uses outside of crypto trading as an international payment mechanism. Just this week, Visa announced the expansion of its stable settlement pilot to nine blockchains, adding Base, Polygon, Canton Network, Arc and Tempo to existing support for Ethereum, Solana, Avalanche and Stellar.
Excess reserves, up from $6.3 billion at the end of 2025, were supported by “continued profitability and a concentrated reserve base in short-duration, high-quality liquid instruments,” the company said.
USDT is the third largest cryptocurrency, behind Bitcoin and ether (ETH), with a market capitalization of just under $190 billion.
The majority of Tether’s reserves are held in U.S. government-backed instruments and short-term liquidity facilities, the company said, adding that it is the 17th largest holder of U.S. Treasuries in the world. Tether has become one of the top 10 buyers of US Treasuries over the past two years, surpassing Taiwan, Israel and the United Arab Emirates.
Its physical gold reserves are around $20 billion and its bitcoin reserve is around $7 billion, it said.
