Tether, the leading stablecoin issuer by market capitalization, has announced a first-quarter net profit of $1.04 billion, along with a record excess reserve of $8.23 billion. The company did not release comparative figures for the previous year or the fourth quarter but reported a net profit exceeding $10 billion for the entirety of 2025.
As of March 31, the total value of the USDT stablecoin in circulation remained steady, with token-related liabilities amounting to approximately $183 billion. The company's total assets stand at nearly $192 billion.
The quarterly report highlights the increasing global demand for stablecoins, which are finding applications beyond cryptocurrency trading, such as international payment mechanisms. 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 the company's continued profitability and a reserve base composed of high-quality, liquid instruments.
With a market capitalization of almost $190 billion, USDT ranks as the third-largest cryptocurrency, after bitcoin and ether. The majority of Tether's reserves are invested in U.S.
government-backed instruments and short-term liquidity facilities, making it 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 countries like Taiwan, Israel, and the UAE.
Additionally, the company holds approximately $20 billion in physical gold and $7 billion in bitcoin reserves.