Tether, the entity behind the most valuable stablecoin, disclosed a quarterly net profit of $1.04 billion, with its excess reserves surging to a new high of $8.23 billion. The company did not release comparative figures for the previous year or the last quarter, but it did announce a net profit exceeding $10 billion for the entirety of 2025. As of March 31, the circulation of the USDT stablecoin remained steady, with total liabilities related to the token amounting to approximately $183 billion, according to the company's quarterly report.
The firm's total assets are valued at nearly $192 billion. The release of this report coincides with a growing global demand for stablecoins, which are increasingly being utilized for international payments beyond cryptocurrency trading. Recently, Visa expanded its stablecoin settlement pilot to nine blockchains.
Tether's excess reserves, which increased from $6.3 billion at the end of 2025, are attributed to the company's sustained profitability and a reserve base comprising short-duration, high-quality liquid instruments. With a market capitalization of just under $190 billion, USDT ranks as the third-largest cryptocurrency, following bitcoin and ether.
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 worldwide. Over the past two years, Tether has become a top 10 buyer of U.S.
Treasuries, surpassing countries like Taiwan, Israel, and the UAE. Additionally, the company holds roughly $20 billion in physical gold and approximately $7 billion in bitcoin reserves.