Tether, the entity behind the most valuable stablecoin, announced a net profit of $1.04 billion for the first quarter, accompanied by a significant increase in excess reserves to $8.23 billion. The company did not release 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 value of USDT in circulation remained steady, with the firm's total liabilities related to the token amounting to approximately $183 billion. The company's total assets stood at nearly $192 billion. The quarterly report coincides with a surge in global demand for stablecoins, driven by their increasing use in international payments beyond cryptocurrency trading. Recently, Visa expanded its stablecoin settlement pilot to include nine blockchains.
Tether's excess reserves, which have grown from $6.3 billion at the end of 2025, are attributed to the company's continued profitability and a reserve base composed of high-quality, short-duration 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 ranking as the 17th-largest holder of U.S.
Treasuries worldwide. Over the past two years, Tether has become one of the top 10 buyers of U.S. Treasuries, surpassing several countries.
Additionally, the company holds approximately $20 billion in physical gold and around $7 billion in bitcoin reserves.