Tether, the entity behind the most valuable stablecoin, has announced a first-quarter net profit of $1.04 billion, alongside a record high of $8.23 billion in excess reserves. The company did not disclose comparative figures for the previous year or the last quarter, but it did reveal a net profit exceeding $10 billion for the entirety of 2025. As of March 31, the total value of USDT in circulation remained stable, with the company's total liabilities amounting to approximately $183 billion and total assets nearing $192 billion. This report emerges amidst growing global interest in stablecoins, which are increasingly being utilized for international transactions 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, driven by the company's sustained profitability and its focus on short-term, high-quality liquid assets. With a market capitalization of nearly $190 billion, USDT ranks as the third-largest cryptocurrency, following bitcoin and ether.
The majority of Tether's reserve holdings consist of U.S. government-backed instruments and short-term liquidity facilities, positioning the company as the 17th-largest holder of U.S. Treasuries worldwide.
Over the past two years, Tether has become a top 10 purchaser of U.S. Treasuries, surpassing countries like Taiwan, Israel, and the UAE. Additionally, the company holds approximately $20 billion in physical gold and around $7 billion in bitcoin reserves.