Tether, the leading stablecoin issuer, 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 quarter but reported 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 token-related liabilities of approximately $183 billion and total assets nearing $192 billion.
This report comes at a time when stablecoins are experiencing increased global demand, driven by their expanding use in international payments beyond cryptocurrency trading. Recently, Visa expanded its stablecoin settlement pilot to include nine blockchains, underscoring the growing adoption of stablecoins. Tether's excess reserves have grown from $6.3 billion at the end of 2025, supported by the company's continued profitability and a focus on high-quality, liquid instruments.
With a market capitalization of nearly $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 holding a significant position as the 17th-largest holder of U.S. Treasuries globally and becoming a top 10 buyer over the past two years.
Additionally, Tether's holdings include approximately $20 billion in physical gold and around $7 billion in bitcoin reserves.