Tether, the leading stablecoin issuer, has announced a net profit of $1.04 billion for the first quarter, along with a record $8.23 billion in excess reserves. The company did not disclose year-over-year or quarter-over-quarter comparisons but reported a net profit exceeding $10 billion for the entirety of 2025. As of March 31, the total USDT in circulation remained steady, with token-related liabilities amounting to approximately $183 billion, while total assets stood at nearly $192 billion. This update comes at a time when global demand for stablecoins is increasing, driven by their expanding use in international payments beyond crypto trading.
Recently, Visa expanded its stablecoin settlement pilot to include nine blockchains. Tether's excess reserves have grown from $6.3 billion at the end of 2025, attributed to sustained profitability and a reserve base composed of high-quality, liquid instruments. With a market capitalization of just under $190 billion, USDT ranks as the third-largest cryptocurrency. The majority of Tether's reserves are invested in U.S.
government-backed instruments and short-term liquidity facilities, positioning the company 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 around $7 billion in bitcoin reserves.