Tether, the entity behind the world's largest stablecoin by market capitalization, has announced a first-quarter net profit of $1.04 billion, accompanied by a substantial increase in excess reserves to $8.23 billion. The company's financial report highlights the stablecoin's resilience, with the total value of USDT in circulation remaining steady and total token-related liabilities amounting to approximately $183 billion as of March 31. Total assets stand at nearly $192 billion. The release of this report coincides with growing global interest in stablecoins for international payments beyond cryptocurrency trading, as evidenced by Visa's recent expansion of its stablecoin settlement pilot to nine blockchains.
Tether attributes the growth in excess reserves, which have risen from $6.3 billion at the end of 2025, to sustained profitability and a focus on high-quality, liquid instruments. As the third-largest cryptocurrency, USDT boasts a market capitalization of just under $190 billion, ranking behind 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 emerging as a significant player in U.S. Treasuries, holding around $20 billion in physical gold and approximately $7 billion in bitcoin reserves.