Tether, the leading stablecoin issuer by market capitalization, announced a first-quarter net profit of $1.04 billion, with its excess reserves surging to a record $8.23 billion. Although the company did not release year-over-year or quarterly comparative figures, it did report a net profit exceeding $10 billion for the entire year of 2025. As of March 31, the total amount of the dollar-pegged USDT in circulation remained stable, with total token-related liabilities of approximately $183 billion.
The company's total assets stood at just under $192 billion. The quarterly report was released amidst increasing global demand for stablecoins, driven by their expanding use in international payments beyond crypto trading.
This week, Visa announced the expansion of its stablecoin settlement pilot to nine blockchains. Tether's excess reserves increased from $6.3 billion at the end of 2025, supported by the company's continued profitability and a reserve base composed of short-duration, high-quality liquid instruments.
USDT is the third-largest cryptocurrency, with a market capitalization of nearly $190 billion. The majority of Tether's reserves are held in U.S. government-backed instruments and short-term liquidity facilities, with the firm being 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 Taiwan, Israel, and the UAE.
The company's physical gold holdings are approximately $20 billion, and its bitcoin reserve is around $7 billion.