Tether, the leading stablecoin issuer by market capitalization, announced a net profit of $1.04 billion for the first quarter, accompanied by a notable increase in excess reserves to $8.23 billion. The company did not disclose year-over-year or quarter-over-quarter comparisons but reported a substantial net profit exceeding $10 billion for the entirety of 2025. As of March 31, the circulation of the dollar-pegged USDT remained stable, with total token-related liabilities of approximately $183 billion.
The company's total assets stood at nearly $192 billion. This report comes at a time when global demand for stablecoins is rising, driven by their expanding use in international payments beyond crypto trading. Recently, Visa announced the expansion of its stablecoin settlement pilot to include nine blockchains. Tether's excess reserves, which have grown from $6.3 billion at the end of 2025, are backed by the company's continued profitability and a reserve base composed of short-duration, high-quality liquid instruments.
USDT is the third-largest cryptocurrency, with a market capitalization of just under $190 billion. The majority of Tether's reserves are invested in U.S.
government-backed instruments and short-term liquidity facilities, with the firm being the 17th-largest holder of U.S. Treasuries globally. Over the past two years, Tether has become a top 10 buyer of U.S.
Treasuries, surpassing several countries. Additionally, the company holds roughly $20 billion in physical gold and approximately $7 billion in bitcoin reserves.