Tether, the leading stablecoin issuer by market capitalization, announced a net profit of $1.04 billion for the first quarter, alongside a significant 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 circulation of the USDT stablecoin remained steady, with total token-related liabilities amounting to approximately $183 billion.
The firm's total assets stood at nearly $192 billion. The quarterly report's release coincides with a surge in global demand for stablecoins, driven by their expanding use in international payments beyond cryptocurrency trading. Recently, Visa expanded its stablecoin settlement pilot to nine blockchains.
Tether's excess reserves, which rose 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 almost $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 globally. 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.