Tether, the leading stablecoin issuer by market capitalization, has announced a net profit of $1.04 billion for the first quarter, accompanied by a significant increase in its reserve buffer to $8.23 billion. The company did not release comparative figures for the previous year or the last quarter but had reported a net profit exceeding $10 billion for the entirety of 2025. As of March 31, the total USDT in circulation remained stable, with liabilities relating to the token amounting to approximately $183 billion, while the company's total assets stood at nearly $192 billion. This news comes at a time when stablecoins are experiencing increased global demand, not only for crypto trading but also as a means for international payments.
Recently, Visa expanded its stablecoin settlement pilot to include nine blockchains, highlighting the growing utility of stablecoins beyond cryptocurrency trading. Tether's excess reserves have grown from $6.3 billion at the end of 2025, supported by the company's continued profitability and a reserve base composed of 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 company being the 17th-largest holder of U.S. Treasuries worldwide and a top 10 buyer over the past two years, surpassing several countries.
Additionally, Tether holds approximately $20 billion in physical gold and about $7 billion in bitcoin reserves.