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 has not provided figures for the previous year or the fourth quarter. It reported a net profit of more than $10 billion for all of 2025.
The amount of the dollar-pegged USDT in circulation remained stable, with total token-related liabilities at around $183 billion per March 31, the company said in its quarterly report. The company’s total assets are just under $192 billion, it said.
The report was released at a time of increasing global demand for stablecoins as they find use outside of crypto trading as a mechanism for international payments. 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.
Excess reserves, up from $6.3 billion by the end of 2025, were supported by “continued profitability and a reserve base concentrated in high-quality short-term liquid instruments,” the company said.
USDT is the third largest cryptocurrency behind bitcoin and ether (ETH), with a market value 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 a top 10 buyer of US Treasuries over the past two years, surpassing Taiwan, Israel and the UAE.
Its physical gold holdings are about $20 billion and its bitcoin reserve is approximately $7 billion, it said.
