Tether, the entity behind the most valuable stablecoin, has announced a net profit of $1.04 billion for the first quarter, alongside a record reserve buffer of $8.23 billion. The company's quarterly report did not include comparative figures from the previous year or the last quarter, though it did mention a net profit exceeding $10 billion for the entirety of 2025. As of March 31, the total USDT in circulation remained steady, with the firm's total liabilities amounting to approximately $183 billion and total assets nearing $192 billion.
This update comes as global demand for stablecoins increases, driven by their expanding use in international payments beyond cryptocurrency trading. Recently, Visa expanded its stablecoin settlement pilot, incorporating additional blockchains. Tether's excess reserves, which have grown from $6.3 billion at the end of 2025, are attributed to the company's ongoing profitability and its focus on short-duration, high-quality liquid assets. 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 composed of 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 last two years, Tether has become a significant buyer of U.S. Treasuries, surpassing several countries. The company also holds approximately $20 billion in physical gold and about $7 billion in bitcoin reserves.