Tether, the entity behind the most widely-used stablecoin by market capitalization, has announced a net profit of $1.04 billion for the first quarter, accompanied by a significant increase in its excess reserves to a record $8.23 billion. The company did not release comparative figures for the previous year or the preceding quarter, but it did disclose a net profit exceeding $10 billion for the entirety of 2025.
As of March 31, the total liabilities associated with its USDT token stood at approximately $183 billion, with the company's total assets amounting to nearly $192 billion. This news emerges at a time when global demand for stablecoins is on the rise, driven by their expanding use in international payments beyond cryptocurrency trading.
Recently, Visa expanded its stablecoin settlement pilot to nine blockchains. Tether's excess reserves have grown from $6.3 billion at the end of 2025, attributed to the company's continued profitability and its focus on short-duration, high-quality liquid assets. With a market capitalization of just under $190 billion, USDT ranks as the third-largest cryptocurrency, following bitcoin and ether. The majority of Tether's reserves are invested in U.S.
government-backed instruments and short-term liquidity facilities, with the company being the 17th-largest holder of U.S. Treasuries worldwide and a top 10 buyer over the past two years. Additionally, Tether holds approximately $20 billion in physical gold and about $7 billion in bitcoin.