Tether, the entity behind the most valuable stablecoin, has announced a first-quarter net profit of $1.04 billion, accompanied by a record increase in excess reserves to $8.23 billion. The company did not provide comparative figures for the previous year or the last quarter, but it did report a net profit exceeding $10 billion for the entirety of 2025.
As of March 31, the total liabilities related to the USDT token, which is pegged to the US dollar, remained steady at approximately $183 billion. The company's total assets amount to nearly $192 billion. The release of this report 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. Tether's excess reserves have grown from $6.3 billion at the end of 2025, driven by sustained profitability and a reserve base focused on high-quality, liquid instruments with short durations. With a market capitalization of nearly $190 billion, USDT ranks as the third-largest cryptocurrency, following bitcoin and ether. The majority of Tether's reserves are invested in US government-backed instruments and short-term liquidity facilities, making it the 17th-largest holder of US Treasuries worldwide.
Over the past two years, Tether has become one of the top 10 buyers of US Treasuries, surpassing countries like Taiwan, Israel, and the UAE. Additionally, the company holds approximately $20 billion in physical gold and around $7 billion in bitcoin reserves.