Tether, the leading stablecoin issuer, has announced a net profit of $1.04 billion for the first quarter, accompanied by a record excess reserve of $8.23 billion. The company did not disclose comparative figures for the previous year or the last quarter but reported a net profit exceeding $10 billion for the entirety of 2025.
As of March 31, the total liabilities related to its USDT token remained steady at approximately $183 billion, while the company's total assets stood at nearly $192 billion. This announcement coincides with a surge in global demand for stablecoins, which are increasingly being utilized for international payments beyond cryptocurrency trading. Recently, Visa expanded its stablecoin settlement pilot to include nine blockchains, highlighting the growing acceptance of stablecoins.
Tether's excess reserves have grown from $6.3 billion at the end of 2025, supported by the company's continued profitability and a reserve base focused on high-quality, liquid instruments. With a market capitalization of nearly $190 billion, USDT ranks as the third-largest cryptocurrency after bitcoin and ether. The majority of Tether's reserves are comprised of U.S.
government-backed instruments and short-term liquidity facilities, with the firm holding a significant position as the 17th-largest holder of U.S. Treasuries worldwide.
Over the past two years, Tether has become a top 10 buyer of U.S. Treasuries, surpassing several countries. Additionally, the company holds approximately $20 billion in physical gold and about $7 billion in bitcoin reserves.