Tether, issuer of the largest stablecoin by market capitalization, said first-quarter net profit was $1.04 billion and excess reserves rose to a record $8.23 billion.
The company did not provide figures for the prior year or the fourth quarter. It reported a net profit of more than $10 billion for all of 2025.
The amount of dollar-pegged USDT in circulation remained stable, with total token-related liabilities of approximately $183 billion as of March 31, the firm said in its quarterly report. The company’s total assets are just under $192 billion, he said.
The report was released at a time of growing global demand for stablecoins as they find uses outside of cryptocurrency trading as a mechanism for international payments. Just this week, Visa announced the expansion of its stablecoin settlement pilot to nine blockchains, adding Base, Polygon, Canton Network, Arc, and Tempo to existing support for Ethereum, Solana, Avalanche, and Stellar.
The excess reserves, up from $6.3 billion at the end of 2025, were supported by “continued profitability and a reserve base concentrated in high-quality, short-duration 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 US government-backed instruments and short-term liquidity facilities, the firm said, adding that it is the 17th largest holder of US Treasuries globally. 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 holdings are about $20 billion and its bitcoin reserve is about $7 billion, it said.
