Tether, the entity behind the most valuable stablecoin, has disclosed a first-quarter net profit of $1.04 billion, accompanied by a substantial increase in excess reserves to $8.23 billion. The figures underscore the company's robust financial performance. Notably, the firm's net profit exceeded $10 billion for the entirety of 2025.
As of March 31, the total value of the USDT stablecoin in circulation remained steady, with the company's total liabilities amounting to approximately $183 billion and total assets nearing $192 billion. The release of this report coincides with a surge in global demand for stablecoins, driven by their expanding utility beyond cryptocurrency trading, particularly in facilitating international transactions.
Recently, Visa expanded its stablecoin settlement pilot to include nine blockchains, highlighting the growing significance of stablecoins. Tether's excess reserves have grown from $6.3 billion at the end of 2025, bolstered by the company's sustained profitability and a reserve base comprising short-duration, high-quality liquid assets. As the third-largest cryptocurrency, USDT boasts a market capitalization of nearly $190 billion, trailing behind bitcoin and ether. The majority of Tether's reserves are invested in U.S.
government-backed securities and short-term liquidity facilities, with the company ranking as the 17th-largest holder of U.S. Treasuries worldwide. Over the past two years, Tether has emerged as a top 10 purchaser of U.S. Treasuries, surpassing several countries including Taiwan, Israel, and the UAE.
Additionally, the company holds roughly $20 billion in physical gold and approximately $7 billion in bitcoin reserves.