Tether, the entity behind the most valuable stablecoin, has announced a net profit of $1.04 billion for the first quarter, accompanied by a significant increase in its excess reserves to $8.23 billion. The company did not release comparative figures for the previous year or the last quarter but mentioned 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 liabilities related to the token amounting to approximately $183 billion.
The company's total assets stand at nearly $192 billion. This news comes at a time when the global demand for stablecoins is on the rise, driven by their expanding use in international payments beyond cryptocurrency trading. 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, attributed to the company's continued profitability and a reserve base focused on 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 securities and short-term liquidity facilities, positioning the company as a significant holder of U.S. Treasuries.
Over the past two years, Tether has become one of the top ten purchasers of U.S. Treasuries, surpassing several countries. Additionally, the company holds approximately $20 billion in physical gold and about $7 billion in Bitcoin reserves.